HBK Sorce Advisory LLC Takes Position in Fifth Third Bancorp $FITB

HBK Sorce Advisory LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 36,482 shares of the financial services provider’s stock, valued at approximately $2,101,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $29,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp in the second quarter worth $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FITB has been the topic of several recent analyst reports. UBS Group increased their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Robert W. Baird upped their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. The Goldman Sachs Group raised their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. One investment 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 company. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Stock Performance

FITB opened at $58.05 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $52.65 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. The company’s 50 day moving average is $56.27 and its 200 day moving average is $51.78. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. 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 presently 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.