Infrastructure Capital Advisors LLC Makes New $1.40 Million Investment in Fifth Third Bancorp $FITB

Infrastructure Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 24,856 shares of the financial services provider’s stock, valued at approximately $1,401,000.

Several other hedge funds have also added to or reduced their stakes in FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp increased its stake in 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 purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the second quarter worth about $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $30,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.1%

Shares of NASDAQ FITB opened at $54.76 on Monday. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. The stock’s fifty day moving average is $56.54 and its 200 day moving average is $51.97. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 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.

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 for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s revenue was up 45.8% on a year-over-year basis. During the same period last year, the company posted $0.88 EPS. Sell-side analysts forecast 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 announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid 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 yield of 2.9%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FITB shares. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Truist Financial increased their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report 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 given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.