NEOS Investment Management LLC Has $8.32 Million Stake in Fifth Third Bancorp $FITB

Key Points

• NEOS Investment Management increased its Fifth Third Bancorp stake by 15.3% in the second quarter, bringing its holdings to 147,607 shares valued at approximately $8.32 million. Institutional investors and hedge funds collectively own 83.79% of FITB shares.
• Analysts maintain a “Moderate Buy” consensus on Fifth Third, with an average price target of $60.54; JPMorgan raised its target to $62, while other firms set targets between $59 and $60.
• Fifth Third reported quarterly revenue of $3.26 billion, exceeding estimates, although earnings per share of $0.83 narrowly missed expectations. The bank also pays a quarterly dividend of $0.40, equivalent to a 2.9% yield.

NEOS Investment Management LLC grew its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 15.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,607 shares of the financial services provider's stock after buying an additional 19,541 shares during the quarter. NEOS Investment Management LLC's holdings in Fifth Third Bancorp were worth $8,321,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp raised its holdings in shares of 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 buying an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research analyst reports. Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. JPMorgan Chase & Co. raised their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Finally, Citigroup increased their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. One research 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 data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $54.93 on Friday. The stock has a 50-day moving average price of $56.63 and a two-hundred day moving average price of $52.03. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a market capitalization of $49.82 billion, a PE ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.89. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 return on equity of 12.39% and a net margin of 15.89%.The business's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. Analysts expect 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 given a $0.40 dividend. 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 dividend payout ratio is 54.61%.

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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