NewEdge Wealth LLC Invests $77.07 Million in Fifth Third Bancorp $FITB

NewEdge Wealth LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,367,213 shares of the financial services provider’s stock, valued at approximately $77,070,000. Fifth Third Bancorp makes up about 0.8% of NewEdge Wealth LLC’s holdings, making the stock its 29th biggest position.

Other large investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. increased its stake 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 worth $2,359,000 after acquiring an additional 20,862 shares during the period. Keybank National Association OH raised its holdings in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after acquiring an additional 96,656 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $1,514,000. Finally, Fruth Investment Management raised its stake in Fifth Third Bancorp by 335.2% in the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after purchasing an additional 20,957 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $54.96 on Thursday. The stock’s 50-day moving average is $56.52 and its 200-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. 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 has a market cap of $49.84 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results 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). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate 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 in the previous year, the business posted $0.88 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FITB shares. Royal Bank Of Canada raised their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Truist Financial boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. One 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 company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.54.

About Fifth Third Bancorp

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.