Munich Reinsurance Co Stock Corp in Munich Makes New Investment in Fifth Third Bancorp $FITB

Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 74,897 shares of the financial services provider’s stock, valued at approximately $4,222,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG lifted its position in shares of Fifth Third Bancorp by 1,589.4% in the second quarter. Raiffeisen Bank International AG now owns 11,167 shares of the financial services provider’s stock worth $634,000 after buying an additional 10,506 shares during the last quarter. Syon Capital LLC raised its stake in shares of Fifth Third Bancorp by 15.0% in the 2nd quarter. Syon Capital LLC now owns 25,554 shares of the financial services provider’s stock valued at $1,441,000 after acquiring an additional 3,324 shares in the last quarter. Premier Path Wealth Partners LLC raised its stake in shares of Fifth Third Bancorp by 2.9% in the 2nd quarter. Premier Path Wealth Partners LLC now owns 10,416 shares of the financial services provider’s stock valued at $587,000 after acquiring an additional 290 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings in Fifth Third Bancorp by 15.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 31,045 shares of the financial services provider’s stock worth $1,750,000 after purchasing an additional 4,074 shares during the last quarter. Finally, NEOS Investment Management LLC lifted its holdings in Fifth Third Bancorp by 15.3% in the 2nd quarter. NEOS Investment Management LLC now owns 147,607 shares of the financial services provider’s stock worth $8,321,000 after purchasing an additional 19,541 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. Robert W. Baird increased their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, DA Davidson upped their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Trading Down 0.1%

Shares of FITB stock opened at $54.93 on Friday. The firm has a market capitalization of $49.82 billion, a P/E ratio of 18.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The firm’s fifty day simple moving average is $56.63 and its 200 day simple moving average is $52.03. 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 (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS 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 company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) 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.