Two Sigma Securities LLC Acquires 70,746 Shares of Fifth Third Bancorp $FITB

Key Points

• Two Sigma Securities increased its Fifth Third Bancorp stake by 343.2% in the second quarter, acquiring 70,746 additional shares and bringing its holdings to 91,357 shares worth approximately $5.15 million.
• Analysts remain generally bullish, with an average “Moderate Buy” rating and a consensus price target of $60.54; several brokerages recently raised their targets to between $58 and $65.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed estimates. The company also paid a quarterly dividend of $0.40, representing a 2.9% annualized yield.

Two Sigma Securities LLC lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 343.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,357 shares of the financial services provider's stock after acquiring an additional 70,746 shares during the period. Two Sigma Securities LLC's holdings in Fifth Third Bancorp were worth $5,150,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the 1st quarter valued at about $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Clearstead Trust LLC acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FITB. Robert W. Baird increased their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Truist Financial increased their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Finally, Zacks Research cut Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. One 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 stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Stock Up 0.1%

Shares of FITB opened at $54.57 on Monday. The firm has a 50 day simple moving average of $56.74 and a two-hundred day simple moving average of $52.00. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a market cap of $49.49 billion, a P/E ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the business posted $0.88 EPS. The company's revenue for the quarter was up 45.8% compared to the same quarter last year. Research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source