EP Wealth Advisors LLC Purchases New Position in Fifth Third Bancorp $FITB

EP Wealth Advisors LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 24,943 shares of the financial services provider’s stock, valued at approximately $1,406,000.

Other large investors have also added to or reduced their stakes in the company. Heartland Bank & Trust Co bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $1,413,000. Burnham & Co LLC purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at $564,000. Callan Family Office LLC bought a new stake in Fifth Third Bancorp in the second quarter worth $5,847,000. Keating Financial Advisory Services Inc. bought a new stake in Fifth Third Bancorp in the second quarter worth $63,000. Finally, Patron Partners LLC purchased a new position in Fifth Third Bancorp during the second quarter worth $1,087,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.1%

NASDAQ:FITB opened at $54.76 on Monday. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a 50-day moving average of $56.54 and a 200 day moving average of $51.97. The firm has a market cap of $49.66 billion, a PE ratio of 18.38, 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 current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. As a group, research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date 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 dividend payout ratio is presently 54.61%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FITB. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Finally, Bank of America boosted their target price 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. One research 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Company 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.