Wealthfront Advisers LLC Acquires New Position in Fifth Third Bancorp $FITB

Wealthfront Advisers LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, Holdings Channel reports. The fund bought 225,261 shares of the financial services provider’s stock, valued at approximately $12,698,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $25,000. SouthState Bank Corp increased its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $29,000. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $29,000. Finally, Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the subject of a number of analyst reports. UBS Group increased their price target on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. DA Davidson boosted 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. Royal Bank Of Canada upped their price objective on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Down 0.5%

Shares of FITB stock opened at $57.30 on Wednesday. The stock has a market cap of $51.96 billion, a P/E ratio of 19.23, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $56.47 and its two-hundred day simple moving average is $51.88.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the business earned $0.88 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Analysts predict that Fifth Third Bancorp will post 4.1 EPS 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. Investors of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio 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.