Perigon Wealth Management LLC Acquires New Position in Fifth Third Bancorp $FITB

Key Points

• Perigon Wealth Management acquired 55,876 shares of Fifth Third Bancorp in the second quarter, valued at approximately $3.15 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed the $0.84 consensus estimate.
• The bank maintains a quarterly dividend of $0.40, equivalent to an annualized $1.60 payout and a 2.8% yield. Analysts have a consensus “Moderate Buy” rating with an average price target of $60.54.

Perigon Wealth Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 55,876 shares of the financial services provider's stock, valued at approximately $3,150,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. D.A. Davidson & CO. boosted its position in shares of Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider's stock worth $2,359,000 after buying an additional 20,862 shares in the last quarter. Keybank National Association OH lifted its holdings in shares of Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock valued at $3,985,000 after purchasing an additional 21,365 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $1,514,000. Finally, Fruth Investment Management raised its position in shares of Fifth Third Bancorp by 335.2% during the 1st quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider's stock worth $1,264,000 after purchasing an additional 20,957 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB opened at $57.52 on Tuesday. The company's 50 day simple moving average is $56.38 and its 200 day simple moving average is $51.83. 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 has a 1 year low of $40.04 and a 1 year high of $59.50. The stock has a market capitalization of $52.16 billion, a PE 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 issued its quarterly 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 analyst estimates 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 period last year, the company posted $0.88 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is currently 54.61%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FITB shares. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Truist Financial increased their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. The Goldman Sachs Group upped their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Finally, Royal Bank Of Canada boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $60.54.

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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