602,335 Shares in Fifth Third Bancorp $FITB Purchased by Korea Investment CORP

Korea Investment CORP acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 602,335 shares of the financial services provider’s stock, valued at approximately $33,954,000.

Other large investors also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $1,406,000. Heartland Bank & Trust Co acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $1,413,000. Burnham & Co LLC bought a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $564,000. Callan Family Office LLC acquired a new position in Fifth Third Bancorp in the second quarter valued at approximately $5,847,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in Fifth Third Bancorp in the second quarter valued at approximately $63,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Citigroup lifted their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods increased their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Robert W. Baird raised their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Up 0.5%

Shares of NASDAQ:FITB opened at $54.76 on Friday. The firm has a market cap of $49.66 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company’s fifty day simple moving average is $56.54 and its 200 day simple moving average is $51.97. 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 announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion during 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%.Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, research analysts forecast 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 issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

About Fifth Third Bancorp

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.