National Pension Service Has $73.80 Million Position in Fifth Third Bancorp $FITB

Key Points

• National Pension Service increased its Fifth Third Bancorp stake by 22.3% in the second quarter, buying 238,872 additional shares for a total position worth approximately $73.8 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analysts maintain a generally positive outlook, with one Strong Buy, 17 Buy, and five Hold ratings. The stock has an average “Moderate Buy” rating and a consensus price target of $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, ahead of estimates, but earnings per share of $0.83 slightly missed expectations. Shares opened at $54.74, while the company’s 52-week range is $40.04 to $59.50.

National Pension Service lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 22.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,309,111 shares of the financial services provider's stock after buying an additional 238,872 shares during the period. National Pension Service owned about 0.14% of Fifth Third Bancorp worth $73,795,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth $25,000. SouthState Bank Corp increased its position in Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the second quarter worth $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $30,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FITB shares. Bank of America boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Stephens began 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 for the company. UBS Group raised their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Citigroup lifted their price target on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, 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 report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Trading Up 0.6%

Shares of FITB opened at $54.74 on Friday. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The firm's 50-day moving average price is $56.38 and its 200-day moving average price is $52.08. 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 firm has a market capitalization of $49.65 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.09 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results 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). The firm had revenue of $3.26 billion during 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 firm's revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

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