Plan Group Financial LLC Takes Position in Fifth Third Bancorp $FITB

Key Points

• Plan Group Financial LLC purchased 67,424 shares of Fifth Third Bancorp in the second quarter, valued at approximately $3.8 million and representing 0.8% of the fund’s holdings.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed analysts’ $0.84 estimate.
• The bank pays a quarterly dividend of $0.40 per share, or $1.60 annually, yielding about 2.8%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $60.54.

Plan Group Financial LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 67,424 shares of the financial services provider's stock, valued at approximately $3,801,000. Fifth Third Bancorp comprises 0.8% of Plan Group Financial LLC's holdings, making the stock its 29th biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FITB. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at about $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $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 during the fourth quarter worth approximately $29,000. Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Finally, Reflection Asset Management bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

FITB stock opened at $58.05 on Friday. The business's fifty day moving average is $56.27 and its 200-day moving average is $51.77. 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 $52.65 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

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 dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FITB shares. Zacks Research lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. DA Davidson upped their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Citigroup increased their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 target price for the company. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average price target 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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