PNC Financial Services Group Inc. Has $14.99 Million Position in Fifth Third Bancorp $FITB

PNC Financial Services Group Inc. grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 24.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 322,747 shares of the financial services provider’s stock after purchasing an additional 64,201 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fifth Third Bancorp were worth $14,995,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FITB. Center for Financial Planning Inc. bought a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $25,000. SouthState Bank Corp raised its holdings in 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 acquiring an additional 236 shares during the period. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $29,000. Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Finally, Reflection Asset Management acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $57.41 on Friday. The stock has a fifty day moving average price of $53.97 and a 200-day moving average price of $50.96. The company has a market cap of $52.03 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results 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 return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FITB. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Stephens started coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target for the company. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Jefferies Financial Group increased their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Finally, Argus raised Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.49.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is owned by insiders.

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.