NewEdge Wealth LLC Has $61.65 Million Stock Holdings in Fifth Third Bancorp $FITB

NewEdge Wealth LLC lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 5,269.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,326,949 shares of the financial services provider’s stock after purchasing an additional 1,302,234 shares during the quarter. NewEdge Wealth LLC’s holdings in Fifth Third Bancorp were worth $61,650,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in Fifth Third Bancorp by 303.4% in the first quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after buying an additional 15,101,629 shares in the last quarter. Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after acquiring an additional 2,644,332 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after acquiring an additional 2,574,712 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on FITB. JPMorgan Chase & Co. increased their price target on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Barclays increased their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. UBS Group raised their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Finally, Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.20.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Price Performance

FITB opened at $57.77 on Thursday. 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 has a market capitalization of $52.36 billion, a P/E ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company’s 50 day simple moving average is $53.58 and its 200-day simple moving average is $50.85. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Fifth Third Bancorp 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.