Junto Capital Management LP Purchases 503,306 Shares of Fifth Third Bancorp $FITB

Junto Capital Management LP increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 85.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,094,284 shares of the financial services provider’s stock after buying an additional 503,306 shares during the period. Junto Capital Management LP’s holdings in Fifth Third Bancorp were worth $61,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FITB. D.A. Davidson & CO. lifted its position in shares of Fifth Third Bancorp by 69.7% in 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 during the last quarter. Keybank National Association OH increased its holdings in shares of Fifth Third Bancorp by 33.2% during 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 during the last quarter. Geode Capital Management LLC raised its stake in shares of 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. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $4,222,000. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $1,514,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $54.24 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average price is $56.49 and its two-hundred day moving average price is $52.05. The firm has a market capitalization of $49.19 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. 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 issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on FITB. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Royal Bank Of Canada boosted their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Bank of America upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Robert W. Baird raised 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. Finally, UBS Group lifted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.