Raiffeisen Bank International AG Increases Stock Position in Fifth Third Bancorp $FITB

Raiffeisen Bank International AG boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 1,589.4% during the second quarter, Holdings Channel.com reports. The fund owned 11,167 shares of the financial services provider’s stock after acquiring an additional 10,506 shares during the period. Raiffeisen Bank International AG’s holdings in Fifth Third Bancorp were worth $634,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of FITB. Bank of New York Mellon Corp purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $1,324,903,000. Bank of America Corp DE purchased a new position in Fifth Third Bancorp during the 2nd quarter valued at about $995,717,000. Norges Bank purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD raised its position in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in Fifth Third Bancorp during the 2nd quarter valued at approximately $314,122,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.1%

Shares of Fifth Third Bancorp stock opened at $54.93 on Friday. The company has a 50-day simple moving average of $56.63 and a two-hundred day simple moving average of $52.03. The stock has a market capitalization of $49.82 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 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 previous year, the business posted $0.88 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 dividend on an annualized basis 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%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Citigroup raised their price target on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Stephens assumed coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. DA Davidson boosted 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 report on Monday, July 20th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

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.