Patron Partners LLC Takes Position in Fifth Third Bancorp $FITB

Key Points

• Patron Partners LLC acquired 19,279 shares of Fifth Third Bancorp in the second quarter, valued at approximately $1.09 million. Institutional investors and hedge funds collectively own 83.79% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $60.54. Recent target increases included UBS at $65 and RBC at $62.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed estimates. The company also maintains a quarterly dividend of $0.40, equivalent to a 2.9% annual yield.

Patron Partners LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 19,279 shares of the financial services provider's stock, valued at approximately $1,087,000.

Other large investors have also bought and sold shares of the company. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp raised its position 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 valued at $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp in the 4th quarter worth $30,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lifted their price objective 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. UBS Group raised their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings upgraded Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Royal Bank Of Canada upped their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research note on Monday, July 20th. Finally, Stephens began coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $54.76 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company's 50 day moving average price is $56.54 and its two-hundred day moving average price is $51.97. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

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 company had revenue of $3.26 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. On average, analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 of this dividend was Tuesday, June 30th. Fifth Third Bancorp's payout ratio 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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