Fifth Third Bancorp $FITB Shares Purchased by MFG Wealth Management Inc.

MFG Wealth Management Inc. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 28.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,577 shares of the financial services provider’s stock after acquiring an additional 10,625 shares during the period. Fifth Third Bancorp makes up 2.0% of MFG Wealth Management Inc.’s holdings, making the stock its 19th largest position. MFG Wealth Management Inc.’s holdings in Fifth Third Bancorp were worth $2,738,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter valued at $25,000. SouthState Bank Corp lifted its holdings 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 worth $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $29,000. Leonteq Securities AG bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $30,000. Finally, Reflection Asset Management bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

Shares of FITB opened at $57.01 on Friday. The business’s 50-day moving average price is $55.55 and its 200 day moving average price is $51.53. The stock has a market capitalization of $51.67 billion, a P/E ratio of 19.13, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS 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 analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 earnings per share. Analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent analyst reports. DA Davidson boosted 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. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. The Goldman Sachs Group raised their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Truist Financial boosted their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.