Meeder Advisory Services Inc. Invests $2.48 Million in Fifth Third Bancorp $FITB

Key Points

• Meeder Advisory Services acquired 43,975 shares of Fifth Third Bancorp in the second quarter, valued at approximately $2.48 million. Institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 slightly missed the $0.84 consensus estimate. The bank also maintains a quarterly dividend of $0.40, equivalent to a 2.8% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating, with a consensus price target of $60.54 compared with the stock’s reported price of $57.30.

Meeder Advisory Services Inc. bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 43,975 shares of the financial services provider's stock, valued at approximately $2,479,000.

Several other large investors have also recently bought and sold shares of FITB. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp during the second quarter worth about $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $25,000. SouthState Bank Corp grew its holdings in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $30,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $57.30 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $56.47 and a two-hundred day moving average price of $51.88. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a market cap of $51.96 billion, a P/E ratio of 19.23, a PEG ratio of 1.09 and a beta of 0.91.

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 analysts' consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp's payout ratio is 54.61%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FITB. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday, July 6th. Citigroup raised their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Truist Financial lifted their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus 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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