Stevens Capital Partners Takes Position in Fifth Third Bancorp $FITB

Stevens Capital Partners acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,209 shares of the financial services provider’s stock, valued at approximately $575,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the 2nd quarter worth $29,000. Center for Financial Planning Inc. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $25,000. SouthState Bank Corp increased its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying 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 about $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $30,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FITB shares. JPMorgan Chase & Co. increased their target price on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Finally, Citigroup boosted their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. One 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $57.30 on Wednesday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The stock’s 50 day moving average is $56.47 and its 200-day moving average is $51.88. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $51.96 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly 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 business 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%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. Sell-side 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 disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

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.