Global Retirement Partners LLC Purchases Shares of 23,627 Fifth Third Bancorp $FITB

Key Points

• Global Retirement Partners purchased 23,627 shares of Fifth Third Bancorp worth approximately $1.33 million during the second quarter. Hedge funds and other institutional investors collectively own 83.79% of the bank’s stock.
• Analyst sentiment remains favorable, with an average “Moderate Buy” rating and a consensus price target of $60.54; several firms recently raised their targets or upgraded the stock.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, although earnings of $0.83 per share narrowly missed estimates. The company maintains a quarterly dividend of $0.40, equivalent to a 2.8% annual yield.

Global Retirement Partners LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,627 shares of the financial services provider's stock, valued at approximately $1,332,000.

Other hedge funds have also modified their holdings of the company. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at $29,000. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $25,000. SouthState Bank Corp raised its holdings in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $29,000. Finally, Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Zacks Research cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Bank of America lifted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Finally, Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Down 0.9%

Shares of NASDAQ:FITB opened at $57.52 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $52.16 billion, a price-to-earnings ratio of 19.30, a PEG ratio of 1.09 and a beta of 0.91. The stock's 50-day moving average price is $56.38 and its two-hundred day moving average price is $51.83. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company earned $0.88 EPS. The company's revenue was up 45.8% compared to the same quarter last year. On average, research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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