Manning & Napier Advisors LLC Acquires Shares of 104,406 Fifth Third Bancorp $FITB

Manning & Napier Advisors LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 104,406 shares of the financial services provider’s stock, valued at approximately $5,928,000.

Other institutional investors have also modified their holdings of the company. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp during the 1st quarter valued at approximately $25,000. SouthState Bank Corp raised its position in shares of Fifth Third Bancorp by 74.7% in the 1st 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 purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Clearstead Trust LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FITB. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Bank of America upped their target price 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. JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. One research 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. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Up 0.2%

Shares of NASDAQ:FITB opened at $54.91 on Tuesday. The company has a 50 day moving average of $56.58 and a 200-day moving average of $51.98. The firm has a market cap of $49.80 billion, a P/E ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month 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). 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 analyst estimates of $3.24 billion. During the same quarter in the prior year, the business earned $0.88 EPS. Fifth Third Bancorp’s revenue was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company 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 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 54.61%.

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.