MCF Advisors LLC Boosts Stock Position in Fifth Third Bancorp $FITB

MCF Advisors LLC boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 15.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 80,860 shares of the financial services provider’s stock after purchasing an additional 10,656 shares during the quarter. MCF Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,583,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp boosted its position in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Clearstead Trust LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. DA Davidson raised 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. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. Truist Financial raised their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Robert W. Baird upped their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Down 0.5%

Shares of FITB opened at $54.24 on Thursday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm has a market capitalization of $49.19 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s fifty day simple moving average is $56.49 and its 200 day simple moving average is $52.05.

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 analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations 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 revenue was up 45.8% on a year-over-year basis. During the same period last year, the firm posted $0.88 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.