Fifth Third Bancorp $FITB Holdings Cut by HORAN Wealth LLC

HORAN Wealth LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 50.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,404 shares of the financial services provider’s stock after selling 11,814 shares during the period. HORAN Wealth LLC’s holdings in Fifth Third Bancorp were worth $643,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in FITB. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the 2nd quarter valued at approximately $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the first quarter valued at $25,000. SouthState Bank Corp boosted its holdings in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring 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 $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $30,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.1%

Fifth Third Bancorp stock opened at $54.93 on Monday. The stock has a market cap of $49.82 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.89. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average price is $56.63 and its two-hundred day moving average price is $52.02. 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 issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. On average, analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s payout ratio is presently 54.61%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FITB. Bank of America upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Morgan Stanley lifted their price target on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Finally, Stephens assumed coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. One investment 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.