Maverick Capital Ltd. Takes $1.04 Million Position in Fifth Third Bancorp $FITB

Maverick Capital Ltd. bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, Holdings Channel.com reports. The fund bought 22,341 shares of the financial services provider’s stock, valued at approximately $1,038,000.

Several other hedge funds also recently modified their holdings of the business. Cullen Frost Bankers Inc. raised its position in shares of Fifth Third Bancorp by 4.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 187 shares during the period. Equitable Holdings Inc. boosted its holdings in shares of Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock worth $232,000 after buying an additional 195 shares during the period. Koshinski Asset Management Inc. grew its stake in Fifth Third Bancorp by 3.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after buying an additional 206 shares during the last quarter. Legacy Wealth Managment LLC ID raised its holdings in Fifth Third Bancorp by 19.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 212 shares during the period. Finally, Keybank National Association OH raised its holdings in Fifth Third Bancorp by 0.3% in the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $57.78 on Wednesday. The stock has a 50-day simple moving average of $54.36 and a 200 day simple moving average of $51.09. The stock has a market capitalization of $52.36 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.09 and a beta of 0.90. 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 has a 12-month low of $40.04 and a 12-month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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). 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 last year, the company earned $0.88 EPS. The company’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts anticipate 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 declared 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 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FITB shares. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Royal Bank Of Canada raised their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Finally, Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, July 6th. One equities research 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 stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus 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.