Manning & Napier Advisors LLC Acquires New Holdings in Fifth Third Bancorp $FITB

Key Points

• Manning & Napier Advisors acquired 104,406 shares of Fifth Third Bancorp in the second quarter, valued at approximately $5.9 million. Institutional investors collectively own 83.79% of FITB’s outstanding shares.
• Analysts remain broadly optimistic, with an average rating of “Moderate Buy” and a consensus price target of $60.54; several firms recently raised their targets to between $62 and $65.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 slightly missed estimates. The company also maintains a quarterly dividend of $0.40 per share, representing a 2.9% annualized yield.

Manning & Napier Advisors LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 104,406 shares of the financial services provider's stock, valued at approximately $5,928,000.

A number of other hedge funds have also modified their holdings of FITB. Bank of New York Mellon Corp acquired a new position in shares of Fifth Third Bancorp in the second quarter worth $1,324,903,000. Norges Bank acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD lifted its holdings in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock worth $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $145,232,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FITB shares. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Royal Bank Of Canada increased their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a report on Monday, July 20th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. DA Davidson increased their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

FITB opened at $54.91 on Tuesday. The company has a 50 day moving average of $56.58 and a two-hundred day moving average of $51.98. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $49.80 billion, a P/E ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. During the same period last year, the company posted $0.88 earnings per share. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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

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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