Legal & General Group Plc Takes Position in Fifth Third Bancorp $FITB

Legal & General Group Plc purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,575,769 shares of the financial services provider’s stock, valued at approximately $314,122,000. Legal & General Group Plc owned about 0.61% of Fifth Third Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Fifth Third Bancorp Stock Up 0.1%

FITB stock opened at $54.96 on Wednesday. The stock has a market cap of $49.84 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The firm’s 50-day simple moving average is $56.61 and its 200 day simple moving average is $51.99. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the firm earned $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm 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 was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s payout ratio is currently 54.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FITB shares. Morgan Stanley lifted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Bank of America raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Royal Bank Of Canada lifted their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Finally, Stephens initiated coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. One investment 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 company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average 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.