Pzena Investment Management LLC Acquires Shares of 1,584,757 Fifth Third Bancorp $FITB

Pzena Investment Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,584,757 shares of the financial services provider’s stock, valued at approximately $89,333,000.

Other hedge funds also recently made changes to their positions in the company. D.A. Davidson & CO. grew its position in Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after buying an additional 20,862 shares in the last quarter. Keybank National Association OH raised its holdings in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after acquiring an additional 21,365 shares in the last quarter. Geode Capital Management LLC raised its holdings in Fifth Third Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after acquiring an additional 96,656 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $1,514,000. Finally, Fruth Investment Management lifted its position in shares of Fifth Third Bancorp by 335.2% during the 1st quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after acquiring an additional 20,957 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 0.9%

Shares of FITB stock opened at $57.52 on Tuesday. The stock’s fifty day moving average price is $56.38 and its two-hundred day moving average price is $51.83. The company has a market cap of $52.16 billion, a PE ratio of 19.30, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on FITB. Morgan Stanley raised their price target on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Robert W. Baird upped their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. increased their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target 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.