Deutsche Bank AG Buys Shares of 2,576,398 Fifth Third Bancorp $FITB

Deutsche Bank AG acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,576,398 shares of the financial services provider’s stock, valued at approximately $145,232,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. grew its holdings in shares of Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock worth $199,000 after buying an additional 187 shares in the last quarter. Equitable Holdings Inc. lifted its stake in shares of Fifth Third Bancorp by 4.1% during the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after buying an additional 195 shares during the period. Basecamp Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 5.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock valued at $180,000 after buying an additional 201 shares during the period. Koshinski Asset Management Inc. boosted its position in Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after acquiring an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID boosted its position in Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 212 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Royal Bank Of Canada upped their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. JPMorgan Chase & Co. upped their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Down 4.1%

Shares of Fifth Third Bancorp stock opened at $54.96 on Thursday. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a market capitalization of $49.84 billion, a PE ratio of 18.44, a P/E/G ratio of 1.09 and a beta of 0.91. 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 business has a 50-day moving average of $56.52 and a 200-day moving average of $51.92.

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 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 analyst estimates of $3.24 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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