Kingsview Wealth Management LLC Invests $1.58 Million in Fifth Third Bancorp $FITB

Kingsview Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, HoldingsChannel reports. The fund acquired 28,027 shares of the financial services provider’s stock, valued at approximately $1,580,000.

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

Fifth Third Bancorp Stock Down 0.5%

Shares of FITB opened at $54.57 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The business’s 50 day simple moving average is $56.74 and its 200-day simple moving average is $52.01.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $3.24 billion. During the same period last year, the business posted $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share 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. Shareholders of record on Tuesday, June 30th were paid 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%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. DA Davidson raised their price objective 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. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Royal Bank Of Canada boosted their price objective on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Finally, Morgan Stanley upped their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $60.54.

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.