Commerce Bank Purchases Shares of 52,975 Fifth Third Bancorp $FITB

Commerce Bank purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 52,975 shares of the financial services provider’s stock, valued at approximately $2,986,000.

A number of other hedge funds also recently modified their holdings of FITB. Vanguard Group Inc. lifted its holdings in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after buying an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after buying an additional 10,444,799 shares during the period. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after buying an additional 1,719,361 shares during the period. State Street Corp raised its position in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after acquiring an additional 530,489 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.2%

Shares of Fifth Third Bancorp stock opened at $54.91 on Tuesday. The stock’s 50-day moving average is $56.58 and its 200 day moving average is $51.98. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The firm has a market cap of $49.80 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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 previous year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed 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 of this dividend 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 (DPR) is 54.61%.

Analyst Ratings Changes

FITB has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. upped their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average 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.