Corient Private Wealth LP Invests $21.14 Million in Fifth Third Bancorp $FITB

Corient Private Wealth LP acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 375,002 shares of the financial services provider’s stock, valued at approximately $21,139,000.

Several other institutional investors and hedge funds also recently bought and sold shares of FITB. Cullen Frost Bankers Inc. increased its position in Fifth Third Bancorp by 4.6% in 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. raised its stake in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 195 shares during the period. Basecamp Wealth Advisors LLC lifted its holdings in 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 purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. boosted its position in shares of Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares during the period. Finally, Legacy Wealth Managment LLC ID increased its stake in shares of Fifth Third Bancorp by 19.2% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 212 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on FITB shares. Citigroup upped their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Robert W. Baird increased their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. One equities research 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 company’s stock. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $54.57 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $49.49 billion, a P/E ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91. The firm’s fifty day moving average is $56.74 and its two-hundred day moving average is $52.01. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate 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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm earned $0.88 EPS. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. 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 payout ratio is currently 54.61%.

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.