NewEdge Advisors LLC Acquires 13,536 Shares of Fifth Third Bancorp $FITB

NewEdge Advisors LLC increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 16.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,259 shares of the financial services provider’s stock after purchasing an additional 13,536 shares during the period. NewEdge Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in shares of Fifth Third Bancorp by 303.4% during the first quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after buying an additional 15,101,629 shares during the last quarter. Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD boosted its holdings in Fifth Third Bancorp by 41.6% during 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 acquiring an additional 10,444,799 shares during the period. Clearbridge Investments LLC boosted its holdings in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after acquiring an additional 2,644,332 shares during the period. Finally, Invesco Ltd. grew its position in Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after acquiring an additional 2,574,712 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.8%

Shares of Fifth Third Bancorp stock opened at $57.59 on Wednesday. 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 12-month low of $40.04 and a 12-month high of $59.50. The company has a market cap of $52.22 billion, a P/E ratio of 19.32, a PEG ratio of 1.09 and a beta of 0.91. The company’s fifty day simple moving average is $55.86 and its two-hundred day simple moving average is $51.63.

Fifth Third Bancorp (NASDAQ:FITB) last posted its 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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the business posted $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent research reports. Barclays boosted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. DA Davidson upped their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. JPMorgan Chase & Co. increased their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada raised their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. 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 data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus 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.