NewEdge Wealth LLC Invests $77.07 Million in Fifth Third Bancorp $FITB

Key Points

• NewEdge Wealth LLC acquired 1.37 million shares of Fifth Third Bancorp in the second quarter, valued at approximately $77.1 million. The position represents about 0.8% of NewEdge’s portfolio and 0.15% of FITB’s outstanding shares.
• Analysts maintain a generally positive view, with Fifth Third receiving a “Moderate Buy” consensus rating and an average price target of $60.54. Recent targets range from $58 to $62.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but EPS of $0.83 slightly missed estimates. The company pays a quarterly dividend of $0.40, equal to a 2.9% annualized yield.

NewEdge Wealth LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,367,213 shares of the financial services provider's stock, valued at approximately $77,070,000. Fifth Third Bancorp comprises approximately 0.8% of NewEdge Wealth LLC's investment portfolio, making the stock its 29th biggest holding. NewEdge Wealth LLC owned 0.15% of Fifth Third Bancorp at the end of the most recent quarter.

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

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. 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. JPMorgan Chase & Co. boosted 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 report on Wednesday, July 29th. Finally, Stephens started coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They set an "equal weight" rating and a $58.00 price objective for the company. One investment 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Performance

FITB stock opened at $54.96 on Thursday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month 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 $49.84 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The business's fifty day moving average is $56.52 and its 200-day moving average is $51.92.

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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp's dividend payout ratio (DPR) is 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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