Heartland Bank & Trust Co Purchases New Stake in Fifth Third Bancorp $FITB

Key Points

• Heartland Bank & Trust acquired 25,059 shares of Fifth Third Bancorp in the second quarter, worth approximately $1.4 million. Institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, exceeding estimates, while EPS of $0.83 narrowly missed consensus by $0.01. Revenue increased 45.8% year over year.
• The bank pays a quarterly dividend of $0.40, equivalent to a 2.9% yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $60.54.

Heartland Bank & Trust Co acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 25,059 shares of the financial services provider's stock, valued at approximately $1,413,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Burnham & Co LLC purchased a new stake in shares of Fifth Third Bancorp in the second quarter worth approximately $564,000. Callan Family Office LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $5,847,000. Keating Financial Advisory Services Inc. purchased a new position in Fifth Third Bancorp during the second quarter valued at approximately $63,000. Patron Partners LLC purchased a new position in Fifth Third Bancorp during the second quarter valued at approximately $1,087,000. Finally, Allworth Financial LP acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $1,852,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 0.5%

NASDAQ:FITB opened at $54.76 on Friday. The company has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91. The stock's 50 day moving average price is $56.54 and its 200 day moving average price is $51.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its 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). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp's revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.88 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid 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 payout ratio is presently 54.61%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FITB shares. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Truist Financial upped their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price 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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