Entropy Technologies LP Boosts Stock Holdings in Fifth Third Bancorp $FITB

Entropy Technologies LP raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 204.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,940 shares of the financial services provider’s stock after purchasing an additional 18,751 shares during the period. Entropy Technologies LP’s holdings in Fifth Third Bancorp were worth $1,298,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FITB. D.A. Davidson & CO. raised its holdings in Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 20,862 shares during the period. Robinhood Asset Management LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth $8,529,000. Keybank National Association OH grew its position in shares of Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $1,514,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $57.00 on Tuesday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The business has a 50-day simple moving average of $54.15 and a 200 day simple moving average of $51.03. 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 stock has a market cap of $51.66 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the company earned $0.88 earnings per share. Fifth Third Bancorp’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share 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. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Wall Street Analyst Weigh In

Several brokerages have commented on FITB. Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price for the company. Piper Sandler reissued an “overweight” rating and issued a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Wolfe Research cut their price objective on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Bank of America boosted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Truist Financial upped 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. One investment 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.49.

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.