USA Financial Formulas Buys 13,682 Shares of Fifth Third Bancorp $FITB

USA Financial Formulas bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 13,682 shares of the financial services provider’s stock, valued at approximately $692,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $1,324,903,000. Bank of America Corp DE acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at about $995,717,000. Legal & General Group Plc bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $314,122,000. Wellington Management Group LLP raised its stake in shares of Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after acquiring an additional 3,972,795 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $145,232,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FITB. Evercore set a $60.00 target price on Fifth Third Bancorp in a research report on Monday, July 6th. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Stephens decreased their price objective on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, September 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $60.92.

Fifth Third Bancorp Stock Performance

FITB opened at $50.44 on Friday. The firm has a market capitalization of $45.74 billion, a P/E ratio of 16.92, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The stock’s 50 day moving average price is $53.49 and its two-hundred day moving average price is $52.89. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12-month low of $40.65 and a 12-month 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 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 during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The business’s quarterly revenue was up 45.8% on a year-over-year basis. On average, equities analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $0.42 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.34%.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.