Jupiter Topco LLC Buys New Position in Fifth Third Bancorp $FITB

Key Points

• Jupiter Topco LLC acquired 97,250 shares of Fifth Third Bancorp in the second quarter, valued at approximately $5.48 million. Institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, ahead of estimates, but earnings per share of $0.83 slightly missed the $0.84 consensus. Revenue increased 45.8% year over year.
• The bank maintains a quarterly dividend of $0.40 per share, equivalent to a 3.0% annualized yield. Analysts have an overall “Moderate Buy” rating with an average price target of $60.54.

Jupiter Topco LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 97,250 shares of the financial services provider's stock, valued at approximately $5,480,000.

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

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $53.85 on Tuesday. The company's fifty day simple moving average is $56.74 and its two-hundred day simple moving average is $51.99. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The firm has a market cap of $48.84 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. 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 issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business's revenue was up 45.8% on a year-over-year basis. During the same period last year, the company posted $0.88 earnings per share. As a group, 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. Fifth Third Bancorp's dividend payout ratio is presently 54.61%.

Analyst Ratings Changes

A number of brokerages recently weighed in on FITB. Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Stephens initiated coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They set an "equal weight" rating and a $58.00 price target on the stock. 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, Citigroup boosted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average 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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