Pzena Investment Management LLC Takes $89.33 Million Position in Fifth Third Bancorp $FITB

Key Points

• Pzena Investment Management acquired 1.58 million shares of Fifth Third Bancorp worth approximately $89.3 million, giving it a 0.17% stake. Institutional investors collectively own 83.79% of FITB.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $60.54; recent targets range from $58 to $63.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though EPS of $0.83 slightly missed estimates. The company also maintains a quarterly dividend of $0.40 per share, equating to a 2.8% annual yield.

Pzena Investment Management LLC acquired 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. The fund acquired 1,584,757 shares of the financial services provider's stock, valued at approximately $89,333,000. Pzena Investment Management LLC owned about 0.17% of Fifth Third Bancorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FITB. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp during the first quarter worth about $25,000. SouthState Bank Corp raised its stake 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 buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Clearstead Trust LLC bought a new stake in Fifth Third Bancorp in the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price for the company. The Goldman Sachs Group increased their price target 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. Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. Barclays lifted their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. One 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'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 Price Performance

Fifth Third Bancorp stock opened at $57.52 on Tuesday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The stock's 50 day moving average is $56.38 and its 200-day moving average is $51.83. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $52.16 billion, a price-to-earnings ratio of 19.30, a PEG ratio of 1.09 and a beta of 0.91.

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

Fifth Third Bancorp Announces Dividend

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