EverSource Wealth Advisors LLC Buys 15,187 Shares of Fifth Third Bancorp $FITB

EverSource Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 398.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,997 shares of the financial services provider’s stock after purchasing an additional 15,187 shares during the period. EverSource Wealth Advisors LLC’s holdings in Fifth Third Bancorp were worth $883,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp during the first quarter valued at $25,000. SouthState Bank Corp raised its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $29,000. Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. Finally, Reflection Asset Management purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $56.55 on Friday. The stock has a market cap of $51.25 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average of $54.80 and a 200-day moving average of $51.23.

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

Fifth Third Bancorp Announces Dividend

The business 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 was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FITB shares. Evercore set a $60.00 price target on Fifth Third Bancorp in a research note on Monday, July 6th. Bank of America boosted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Stephens began coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Company 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.