Legacy Wealth Management LLC MS Takes $617,000 Position in Fifth Third Bancorp $FITB

Legacy Wealth Management LLC MS acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 10,937 shares of the financial services provider’s stock, valued at approximately $617,000.

Other institutional investors also recently bought and sold shares of the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the first quarter worth $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp in the 4th quarter worth $30,000. Finally, Reflection Asset Management bought a new position in shares of Fifth Third Bancorp in the 4th quarter worth $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 0.1%

NASDAQ:FITB opened at $57.01 on Friday. The company has a market cap of $51.67 billion, a PE ratio of 19.13, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. 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 company’s 50 day moving average is $55.55 and its two-hundred day moving average is $51.53.

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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 EPS. Analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FITB shares. Royal Bank Of Canada raised their price objective on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods boosted their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Robert W. Baird increased their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Finally, Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

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.