Pinnacle Holdings LLC Purchases Shares of 11,625 Fifth Third Bancorp $FITB

Pinnacle Holdings LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 11,625 shares of the financial services provider’s stock, valued at approximately $655,000.

Several other institutional investors and hedge funds have also made changes to their positions in FITB. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after acquiring an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Fifth Third Bancorp by 41.6% during 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 during the period. Capital World Investors lifted its position in Fifth Third Bancorp by 5.6% during the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. State Street Corp grew its stake in 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 purchasing an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in 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 purchasing an additional 530,489 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.1%

Shares of FITB opened at $54.76 on Monday. The company has a market capitalization of $49.66 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The stock’s 50-day moving average price is $56.54 and its 200-day moving average price is $51.97. 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 announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FITB shares. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Citigroup increased their price target on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. 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. Finally, Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. One equities research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.