Allworth Financial LP Reduces Holdings in Fifth Third Bancorp $FITB

Allworth Financial LP decreased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 22.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,846 shares of the financial services provider’s stock after selling 9,568 shares during the quarter. Allworth Financial LP’s holdings in Fifth Third Bancorp were worth $1,852,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in Fifth Third Bancorp by 6,090.8% during the 2nd quarter. California State Teachers Retirement System now owns 79,618,735 shares of the financial services provider’s stock valued at $4,488,108,000 after acquiring an additional 78,332,647 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Capital World Investors boosted its holdings in Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after buying an additional 1,719,361 shares in the last quarter. State Street Corp increased its holdings in Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after buying an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after acquiring an additional 530,489 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on FITB. Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Bank of America lifted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $54.74 on Friday. The company has a fifty day simple moving average of $56.38 and a 200-day simple moving average of $52.08. The stock has a market cap of $49.65 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. 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 (NASDAQ:FITB) last released 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period last year, the firm earned $0.88 EPS. The company’s quarterly revenue was up 45.8% on a year-over-year basis. Equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.