Elevation Point Wealth Partners LLC Invests $2.10 Million in Fifth Third Bancorp $FITB

Elevation Point Wealth Partners LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, HoldingsChannel reports. The firm acquired 37,002 shares of the financial services provider’s stock, valued at approximately $2,097,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $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 last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter worth $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $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. JPMorgan Chase & Co. upped their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Finally, Robert W. Baird raised their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. One equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $54.76 on Monday. The business’s fifty day moving average price is $56.54 and its 200 day moving average price is $51.97. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced 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). The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.88 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is 54.61%.

Fifth Third Bancorp 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.