Silvant Capital Management LLC Invests $7.39 Million in Fifth Third Bancorp $FITB

Silvant Capital Management LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, Holdings Channel reports. The fund acquired 131,116 shares of the financial services provider’s stock, valued at approximately $7,391,000.

A number of other large investors have also recently added to or reduced their stakes in FITB. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the second quarter worth about $29,000. Center for Financial Planning Inc. purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $25,000. SouthState Bank Corp grew its position in shares of Fifth Third Bancorp by 74.7% in 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 during the last quarter. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Finally, Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on FITB shares. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Truist Financial increased their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Evercore set a $60.00 price objective on Fifth Third Bancorp in a research note on Monday, July 6th. One research 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Down 0.8%

Shares of NASDAQ FITB opened at $54.51 on Friday. The firm has a market cap of $49.43 billion, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. 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 has a 1 year low of $40.04 and a 1 year high of $59.50. The firm’s 50 day moving average price is $56.54 and its 200 day moving average price is $51.95.

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 for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

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. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp’s payout ratio is currently 54.61%.

Fifth Third Bancorp 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.