Global Retirement Partners LLC Purchases Shares of 23,627 Fifth Third Bancorp $FITB

Global Retirement Partners LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,627 shares of the financial services provider’s stock, valued at approximately $1,332,000.

A number of other large investors also recently modified their holdings of FITB. 1ST Source Bank purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $277,000. Fielder Capital Group LLC purchased a new position in Fifth Third Bancorp in the second quarter valued at approximately $472,000. Bank of New York Mellon Corp acquired a new position in Fifth Third Bancorp during the second quarter valued at approximately $1,324,903,000. Sandro Wealth Management LLC acquired a new position in Fifth Third Bancorp during the second quarter valued at approximately $330,000. Finally, State of Wyoming purchased a new stake in Fifth Third Bancorp during the second quarter worth approximately $155,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $57.52 on Tuesday. 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 fifty-two week low of $40.04 and a fifty-two week high of $59.50. The business has a 50 day moving average price of $56.38 and a two-hundred day moving average price of $51.83. The firm has a market cap of $52.16 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. upped their price target 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, July 29th. Morgan Stanley increased their price target on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Bank of America raised their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. One 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 company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

About Fifth Third Bancorp

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.