Korea Investment CORP Takes Position in Fifth Third Bancorp $FITB

Korea Investment CORP acquired a new position 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 (SEC). The firm acquired 602,335 shares of the financial services provider’s stock, valued at approximately $33,954,000. Korea Investment CORP owned about 0.07% of Fifth Third Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $29,000. Clearstead Trust LLC acquired a new position in shares of Fifth Third Bancorp during the second quarter valued at about $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $30,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.5%

Shares of Fifth Third Bancorp stock opened at $54.76 on Friday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company has a 50-day simple moving average of $56.54 and a 200 day simple moving average of $51.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data 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). The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders 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 was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analysts Set New Price Targets

Several research firms have commented on FITB. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Bank of America boosted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Morgan Stanley raised their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $60.54.

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.