19,279 Shares in Fifth Third Bancorp $FITB Purchased by Patron Partners LLC

Patron Partners LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,279 shares of the financial services provider’s stock, valued at approximately $1,087,000.

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Norges Bank acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD lifted its position in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Fifth Third Bancorp by 719.2% during the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Fifth Third Bancorp in the second quarter valued at $145,232,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.5%

Fifth Third Bancorp stock opened at $54.76 on Friday. The firm has a market capitalization of $49.66 billion, a PE ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91. The company’s 50-day moving average is $56.54 and its 200-day moving average is $51.97. 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 current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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 firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last 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. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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 $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend 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%.

Analyst Upgrades and Downgrades

FITB has been the topic of several analyst reports. Bank of America boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Morgan Stanley upped their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.