Maverick Capital Ltd. Buys New Shares in Fifth Third Bancorp $FITB

Maverick Capital Ltd. purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 22,341 shares of the financial services provider’s stock, valued at approximately $1,038,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FITB. Quantinno Capital Management LP increased its stake in Fifth Third Bancorp by 50.0% during the first quarter. Quantinno Capital Management LP now owns 623,022 shares of the financial services provider’s stock worth $28,946,000 after acquiring an additional 207,755 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in Fifth Third Bancorp in the first quarter valued at approximately $602,000. Blue Chip Partners LLC purchased a new position in Fifth Third Bancorp in the first quarter valued at approximately $1,187,000. Weiss Asset Management LP acquired a new position in Fifth Third Bancorp during the first quarter valued at approximately $841,000. Finally, OMERS ADMINISTRATION Corp increased its position in shares of Fifth Third Bancorp by 166.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 75,731 shares of the financial services provider’s stock worth $3,518,000 after acquiring an additional 47,309 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FITB shares. Evercore set a $60.00 target price on Fifth Third Bancorp in a research report on Monday, July 6th. Barclays upped their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Wolfe Research dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group raised their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. One 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.49.

Fifth Third Bancorp Stock Up 1.4%

FITB stock opened at $57.78 on Wednesday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market cap of $52.36 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The firm’s 50-day simple moving average is $54.36 and its 200 day simple moving average is $51.09.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business 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 company’s revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed 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 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 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.