NewEdge Advisors LLC Raises Stake in Fifth Third Bancorp $FITB

NewEdge Advisors LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 16.2% during the 1st quarter, HoldingsChannel reports. The fund owned 97,259 shares of the financial services provider’s stock after buying an additional 13,536 shares during the period. NewEdge Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,519,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FITB. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $25,000. SouthState Bank Corp grew its stake 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 worth $26,000 after buying an additional 236 shares during the last quarter. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Leonteq Securities AG purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $30,000. Finally, Reflection Asset Management purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Robert W. Baird increased 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 report on Monday, June 8th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. Finally, Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Up 0.8%

FITB stock opened at $57.59 on Wednesday. The stock has a market capitalization of $52.22 billion, a P/E ratio of 19.32, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The business has a fifty day moving average price of $55.86 and a 200-day moving average price of $51.63.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS 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 business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period last year, the business earned $0.88 earnings per share. The company’s quarterly revenue was up 45.8% on a year-over-year basis. Equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

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.