Trivium Point Advisory LLC Invests $1.09 Million in Fifth Third Bancorp $FITB

Key Points

• Trivium Point Advisory acquired 19,378 shares of Fifth Third Bancorp worth approximately $1.09 million during the second quarter. Institutional investors and hedge funds collectively own 83.79% of FITB’s outstanding stock.
• Analysts remain broadly bullish, with one Strong Buy, 17 Buy and five Hold ratings. The consensus rating is Moderate Buy, with an average price target of $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though adjusted earnings of $0.83 per share narrowly missed estimates. The bank also maintains a quarterly dividend of $0.40 per share, producing a 2.8% annualized yield.

Trivium Point Advisory LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,378 shares of the financial services provider's stock, valued at approximately $1,092,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock worth $3,929,647,000 after buying an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after acquiring an additional 10,444,799 shares during the last quarter. Capital World Investors grew its holdings in Fifth Third Bancorp by 5.6% during the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. State Street Corp raised its position in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider's stock worth $1,484,021,000 after acquiring an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider's stock worth $1,120,586,000 after acquiring an additional 530,489 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FITB. Stephens began coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price on the stock. The Goldman Sachs Group boosted 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. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. UBS Group raised their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley lifted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $60.54.

Fifth Third Bancorp Stock Down 0.0%

Shares of NASDAQ:FITB opened at $58.05 on Monday. 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 52-week low of $40.04 and a 52-week high of $59.50. The business's 50 day simple moving average is $56.27 and its two-hundred day simple moving average is $51.78. The firm has a market cap of $52.65 billion, a P/E ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data 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). 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 in the prior year, the firm earned $0.88 EPS. The company's revenue was up 45.8% compared to the same quarter last year. As a group, research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is 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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