Infrastructure Capital Advisors LLC Acquires New Shares in Fifth Third Bancorp $FITB

Key Points

• Infrastructure Capital Advisors acquired 24,856 shares of Fifth Third Bancorp worth approximately $1.4 million during the second quarter. Institutional investors and hedge funds collectively own 83.79% of FITB shares.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54; individual firms recently issued ratings ranging from Sell to Strong Buy.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed estimates. The bank also maintains a quarterly dividend of $0.40 per share, yielding about 2.9% annually.

Infrastructure Capital Advisors LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 24,856 shares of the financial services provider's stock, valued at approximately $1,401,000.

Several other institutional investors have also made changes to their positions in the company. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the first quarter worth approximately $25,000. SouthState Bank Corp grew its position in 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 in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Argus raised Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $54.76 on Monday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a market cap 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 business's 50 day moving average is $56.54 and its two-hundred day moving average is $51.97. 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 (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $3.24 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The company's revenue was up 45.8% on a year-over-year basis. On average, equities 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis 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 (DPR) is presently 54.61%.

About Fifth Third Bancorp

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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