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

Silvant Capital Management LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 131,116 shares of the financial services provider’s stock, valued at approximately $7,391,000.

Several other hedge funds have also recently modified their holdings of the stock. Center for Financial Planning Inc. purchased a new position in Fifth Third Bancorp during the 1st quarter worth $25,000. SouthState Bank Corp boosted its holdings in shares of Fifth Third Bancorp by 74.7% in the first 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 in the last quarter. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter worth about $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. UBS Group boosted their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Bank of America increased their target price on 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, Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Stock Down 0.8%

Shares of NASDAQ FITB opened at $54.51 on Friday. The stock has a market capitalization of $49.43 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The firm has a 50-day moving average price of $56.54 and a 200 day moving average price of $51.95. 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 (NASDAQ:FITB) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. 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.