Plan Group Financial LLC Acquires New Holdings in Fifth Third Bancorp $FITB

Plan Group Financial LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 67,424 shares of the financial services provider’s stock, valued at approximately $3,801,000. Fifth Third Bancorp makes up about 0.8% of Plan Group Financial LLC’s investment portfolio, making the stock its 29th largest position.

Several other hedge funds also recently bought and sold shares of FITB. Empowered Funds LLC increased its position in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares in the last quarter. Woodline Partners LP lifted its holdings in Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 759 shares in the last quarter. Brown Advisory Inc. grew its stake in Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new position in Fifth Third Bancorp in the second quarter valued at about $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.2%

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

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly 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 return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. Research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is currently 54.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FITB shares. Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Bank of America lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Truist Financial boosted their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Finally, Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. One equities research 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’s stock. According to data from MarketBeat.com, Fifth Third Bancorp 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.