Saudi Central Bank Has $3.57 Million Stake in Fifth Third Bancorp $FITB

Saudi Central Bank boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 91.0% in the second quarter, Holdings Channel reports. The institutional investor owned 63,390 shares of the financial services provider’s stock after buying an additional 30,201 shares during the period. Saudi Central Bank’s holdings in Fifth Third Bancorp were worth $3,573,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. D.A. Davidson & CO. boosted its holdings in Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after acquiring an additional 20,862 shares during the last quarter. Keybank National Association OH increased its stake in shares of Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after purchasing an additional 21,365 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after acquiring an additional 96,656 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $1,514,000. Finally, Fruth Investment Management raised its position in shares of Fifth Third Bancorp by 335.2% in the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock worth $1,264,000 after buying an additional 20,957 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.1%

FITB opened at $54.93 on Monday. 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 has a 52 week low of $40.04 and a 52 week high of $59.50. The firm has a 50-day simple moving average of $56.63 and a two-hundred day simple moving average of $52.02. The company 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 (NASDAQ:FITB) last issued its quarterly earnings data 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 analysts’ expectations of $3.24 billion. During the same period in the previous year, the business earned $0.88 earnings per share. The business’s quarterly revenue was up 45.8% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a 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%.

Analysts Set New Price Targets

FITB has been the subject of several research reports. Royal Bank Of Canada upped their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. JPMorgan Chase & Co. upped their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Stephens started coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Finally, UBS Group upped their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average target price of $60.54.

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.