Wealthfront Advisers LLC Makes New $12.70 Million Investment in Fifth Third Bancorp $FITB

Key Points

• Wealthfront Advisers bought 225,261 shares of Fifth Third Bancorp worth approximately $12.7 million during the second quarter. Institutional investors now own 83.79% of the company, with several other major firms also increasing or initiating positions.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed the $0.84 consensus estimate.
• The stock opened at $57.30, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $60.54. The bank also pays a quarterly dividend of $0.40 per share, yielding approximately 2.8%.

Wealthfront Advisers LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 225,261 shares of the financial services provider's stock, valued at approximately $12,698,000.

A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $1,324,903,000. Norges Bank purchased a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD boosted its holdings in Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC grew its position in Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock worth $140,993,000 after purchasing an additional 2,644,332 shares during the period. Finally, Deutsche Bank AG bought a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $145,232,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Down 0.5%

FITB opened at $57.30 on Wednesday. The firm's 50 day simple moving average is $56.47 and its two-hundred day simple moving average is $51.88. The company has a market capitalization of $51.96 billion, a PE ratio of 19.23, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp's payout ratio is 54.61%.

Wall Street Analyst Weigh In

FITB has been the topic of several research analyst reports. Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. Bank of America lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Weiss Ratings upgraded Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. The Goldman Sachs Group increased their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Finally, Citigroup raised their target price on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Company 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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