Man Group plc Purchases Shares of 181,117 Fifth Third Bancorp $FITB

Key Points

• Man Group plc acquired 181,117 shares of Fifth Third Bancorp in the second quarter, valued at approximately $10.21 million. Institutional investors and hedge funds collectively own 83.79% of the company.
• Fifth Third shares opened at $54.57, below the consensus analyst price target of $60.54. Analysts maintain a “Moderate Buy” consensus, with recent target increases from Citigroup and Truist Financial.
• The bank reported quarterly revenue of $3.26 billion, up 45.8% year over year, but EPS of $0.83 narrowly missed estimates. It also maintains a quarterly dividend of $0.40 per share, yielding approximately 2.9% annually.

Man Group plc acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 181,117 shares of the financial services provider's stock, valued at approximately $10,210,000.

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

Fifth Third Bancorp Trading Down 0.5%

Shares of Fifth Third Bancorp stock opened at $54.57 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The business has a fifty day simple moving average of $56.74 and a two-hundred day simple moving average of $52.01. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 12.39% and a net margin of 15.89%.The company's revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS. Research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed 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. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is currently 54.61%.

Analysts Set New Price Targets

FITB has been the subject of several research analyst reports. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Citigroup lifted their price target on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Truist Financial upped their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Finally, Argus raised Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. One research 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Company 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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