Mill Capital Management LLC Takes Position in Fifth Third Bancorp $FITB

Mill Capital Management LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, HoldingsChannel reports. The firm purchased 17,182 shares of the financial services provider’s stock, valued at approximately $969,000.

Several other institutional investors also recently modified their holdings of the business. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp during the 1st quarter worth $25,000. SouthState Bank Corp lifted its holdings in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $30,000. Finally, Reflection Asset Management acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $30,000. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FITB. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Barclays boosted their price target on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Performance

FITB stock opened at $58.05 on Friday. The firm has a market cap of $52.65 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. 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 50-day moving average price of $56.27 and a 200-day moving average price of $51.77. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

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

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s 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.