Trillium Asset Management LLC Buys Shares of 390,873 Fifth Third Bancorp $FITB

Key Points

• Trillium Asset Management purchased 390,873 shares of Fifth Third Bancorp valued at approximately $22.0 million, while institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed analysts’ $0.84 estimate.
• The bank maintains a quarterly dividend of $0.40 per share, equivalent to a 2.9% annual yield. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $60.54.

Trillium Asset Management LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 390,873 shares of the financial services provider's stock, valued at approximately $22,034,000.

Several other institutional investors and hedge funds have also modified their holdings of FITB. Clearstead Trust LLC bought a new position in Fifth Third Bancorp in the 2nd quarter worth $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp during the first quarter valued at about $25,000. SouthState Bank Corp increased its position 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 worth $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.8%

FITB opened at $54.51 on Friday. The company has a market capitalization of $49.43 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The firm has a 50-day simple moving average of $56.54 and a two-hundred day simple moving average of $51.95. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. 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 posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Fifth Third Bancorp's quarterly revenue was up 45.8% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal 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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio is currently 54.61%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a research note on Wednesday, July 22nd. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. Robert W. Baird upped their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. DA Davidson increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Royal Bank Of Canada raised 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 given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $60.54.

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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