Sanctuary Advisors LLC Buys New Stake in Fifth Third Bancorp $FITB

Sanctuary Advisors LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 257,895 shares of the financial services provider's stock, valued at approximately $14,538,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Empowered Funds LLC lifted its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after buying an additional 916 shares in the last quarter. Woodline Partners LP grew its holdings in Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after buying an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after acquiring an additional 759 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after acquiring an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $968,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $54.76 on Monday. The firm has a market capitalization of $49.66 billion, a PE ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. The stock's fifty day moving average is $56.54 and its 200 day moving average is $51.97. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. 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 (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm earned $0.88 EPS. The company's revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp's payout ratio is presently 54.61%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent research reports. Bank of America raised their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. Citigroup lifted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, UBS Group increased their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. 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. According to MarketBeat, the stock 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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