Great Lakes Advisors LLC Acquires Shares of 75,661 Fifth Third Bancorp $FITB

Key Points

• Great Lakes Advisors initiated a position in Fifth Third Bancorp by purchasing 75,661 shares worth approximately $4.27 million. Hedge funds and other institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed analyst expectations. The bank also maintains a quarterly dividend of $0.40 per share, yielding about 2.9% annually.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54, compared with a recent share price of $54.51.

Great Lakes Advisors LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 75,661 shares of the financial services provider's stock, valued at approximately $4,265,000.

Other large investors have also recently made changes to their positions in the company. Empowered Funds LLC increased its holdings in Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP lifted its holdings in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock worth $2,218,000 after buying an additional 16,323 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after buying an additional 759 shares during the period. Brown Advisory Inc. grew its position in shares of Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after buying an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at $968,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $54.51 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The firm has a market capitalization of $49.43 billion, a P/E ratio of 18.29, a PEG ratio of 1.09 and a beta of 0.91. The company has a 50 day moving average price of $56.54 and a 200 day moving average price of $51.95.

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

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio is 54.61%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FITB. Truist Financial increased their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Royal Bank Of Canada upped their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research report on Monday, July 20th. JPMorgan Chase & Co. lifted their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Finally, DA Davidson increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

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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