Rakuten Investment Management Inc. Takes $8.41 Million Position in Fifth Third Bancorp $FITB

Rakuten Investment Management Inc. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 148,194 shares of the financial services provider’s stock, valued at approximately $8,414,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the second quarter valued at approximately $29,000. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter worth $25,000. SouthState Bank Corp increased 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 buying an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the 4th quarter worth $30,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.5%

Fifth Third Bancorp stock opened at $54.57 on Friday. 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 has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a fifty day simple moving average of $56.74 and a 200 day simple moving average of $52.01. The company has a market cap of $49.49 billion, a P/E ratio of 18.31, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

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 the consensus estimate 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 business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Research analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FITB. Morgan Stanley lifted their price objective 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 increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.