Old Mission Investment Co LLC Takes $1.93 Million Position in Fifth Third Bancorp $FITB

Key Points

• Old Mission Investment Co. LLC initiated a $1.93 million position in Fifth Third Bancorp by purchasing 34,006 shares during the second quarter. Institutional investors collectively own 83.79% of the bank’s outstanding stock.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and an average price target of $60.54; several firms recently raised their targets to between $60 and $65.
• Fifth Third reported quarterly revenue of $3.26 billion, above expectations, 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.

Old Mission Investment Co LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,006 shares of the financial services provider's stock, valued at approximately $1,931,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FITB. Bank of New York Mellon Corp acquired a new position in Fifth Third Bancorp in the second quarter valued at $1,324,903,000. Bank of America Corp DE acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Norges Bank acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD lifted its position in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after acquiring an additional 10,444,799 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $314,122,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FITB shares. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. 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. Bank of America lifted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. 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 company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $54.93 on Friday. The firm has a market capitalization of $49.82 billion, a P/E ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company's fifty day moving average is $56.63 and its two-hundred day moving average is $52.03. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

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 (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 company had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. During the same quarter in the prior year, the business earned $0.88 EPS. The business's revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

About Fifth Third Bancorp

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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