Foster & Motley Inc. Buys New Stake in Fifth Third Bancorp $FITB

Foster & Motley Inc. purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,276 shares of the financial services provider’s stock, valued at approximately $861,000.

Several other hedge funds and other institutional investors have also modified their holdings of FITB. Clearstead Trust LLC purchased a new position in Fifth Third Bancorp during the 2nd quarter valued at about $29,000. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp grew its holdings 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 purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Finally, Leonteq Securities AG purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Down 4.1%

Fifth Third Bancorp stock opened at $54.96 on Thursday. The stock has a market cap of $49.84 billion, a PE ratio of 18.44, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s fifty day moving average is $56.52 and its two-hundred day moving average is $51.92. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 earnings per share. The company’s revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

FITB has been the topic of a number of research reports. Truist Financial increased their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Citigroup upped their price objective 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. Keefe, Bruyette & Woods lifted their target price 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. Robert W. Baird boosted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, UBS Group upped their price target on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average 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.