Fifth Third Bancorp Has $7.50 Million Stake in Planet Fitness, Inc. (NYSE:PLNT)

Fifth Third Bancorp raised its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 2,139.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,772 shares of the company's stock after purchasing an additional 114,424 shares during the quarter. Fifth Third Bancorp owned 0.14% of Planet Fitness worth $7,501,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PLNT. SG Americas Securities LLC raised its stake in shares of Planet Fitness by 18.1% in the 3rd quarter. SG Americas Securities LLC now owns 7,741 shares of the company's stock valued at $381,000 after purchasing an additional 1,186 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Planet Fitness by 679.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,978 shares of the company's stock valued at $1,573,000 after acquiring an additional 27,877 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Planet Fitness by 7.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 71,355 shares of the company's stock valued at $3,509,000 after acquiring an additional 4,863 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Planet Fitness by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,659,856 shares of the company's stock valued at $130,812,000 after acquiring an additional 12,139 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Planet Fitness by 29.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,823 shares of the company's stock valued at $877,000 after acquiring an additional 4,080 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

PLNT has been the subject of several analyst reports. Royal Bank of Canada raised their price objective on Planet Fitness from $74.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, March 5th. Morgan Stanley reiterated an "overweight" rating and set a $79.00 price target on shares of Planet Fitness in a report on Monday, April 1st. DA Davidson reiterated a "neutral" rating and set a $62.00 price target on shares of Planet Fitness in a report on Monday, February 5th. Piper Sandler lifted their price target on Planet Fitness from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Thursday, January 11th. Finally, JPMorgan Chase & Co. reduced their price target on Planet Fitness from $75.00 to $72.00 and set a "neutral" rating for the company in a report on Monday, February 26th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Planet Fitness has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Planet Fitness Stock Performance

Shares of NYSE PLNT traded down $0.56 during midday trading on Friday, reaching $59.53. The company's stock had a trading volume of 1,194,797 shares, compared to its average volume of 1,747,163. Planet Fitness, Inc. has a fifty-two week low of $44.13 and a fifty-two week high of $75.86. The business's 50 day moving average price is $61.50 and its two-hundred day moving average price is $64.99. The company has a market cap of $5.25 billion, a P/E ratio of 36.75, a P/E/G ratio of 1.95 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.02. Planet Fitness had a net margin of 12.91% and a negative return on equity of 120.89%. The company had revenue of $285.10 million during the quarter, compared to the consensus estimate of $282.35 million. During the same period in the previous year, the business earned $0.53 earnings per share. The firm's quarterly revenue was up 1.4% on a year-over-year basis. Sell-side analysts forecast that Planet Fitness, Inc. will post 2.48 earnings per share for the current fiscal year.

Planet Fitness Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.

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