Family Legacy Inc. Invests $1.15 Million in Fifth Third Bancorp $FITB

Family Legacy Inc. purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, Holdings Channel reports. The institutional investor purchased 20,452 shares of the financial services provider’s stock, valued at approximately $1,153,000.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC raised its position in Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after buying an additional 759 shares during the period. Brown Advisory Inc. raised its holdings in Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $968,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $58.05 on Friday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm has a fifty day simple moving average of $56.27 and a 200 day simple moving average of $51.77. The company has a market capitalization of $52.65 billion, a PE ratio of 19.48, a P/E/G ratio of 1.09 and a beta of 0.91. 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 (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm 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 dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FITB shares. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Royal Bank Of Canada boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Finally, UBS Group raised their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.