OneDigital Investment Advisors LLC Makes New $1.32 Million Investment in Fifth Third Bancorp $FITB

Key Points

• OneDigital Investment Advisors acquired 23,371 shares of Fifth Third Bancorp worth approximately $1.32 million during the second quarter. Institutional investors collectively own 83.79% of the company’s outstanding stock.
• Analysts maintain a generally positive outlook, with one Strong Buy, 17 Buy, and five Hold ratings. Fifth Third has an average “Moderate Buy” rating and an average price target of $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed estimates. The bank also maintains a quarterly dividend of $0.40, representing a 2.8% annualized yield.

OneDigital Investment Advisors LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,371 shares of the financial services provider's stock, valued at approximately $1,317,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Center for Financial Planning Inc. bought a new stake in shares of Fifth Third Bancorp in the first quarter worth $25,000. SouthState Bank Corp raised its holdings 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 in the last quarter. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp during the 4th quarter valued at $29,000. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the 2nd quarter valued at $29,000. Finally, Leonteq Securities AG acquired a new position in Fifth Third Bancorp during the 4th quarter worth $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research analyst reports. Bank of America boosted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Finally, The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. 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 MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $57.52 on Tuesday. 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 firm's 50-day moving average price is $56.38 and its two-hundred day moving average price is $51.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The stock has a market capitalization of $52.16 billion, a P/E ratio of 19.30, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period last year, the company posted $0.88 earnings per share. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current 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 given 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 dividend payout ratio (DPR) is currently 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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