Great Lakes Advisors LLC Invests $4.26 Million in Fifth Third Bancorp $FITB

Great Lakes Advisors LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 75,661 shares of the financial services provider’s stock, valued at approximately $4,265,000.

Other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC boosted its position in Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP increased its holdings in shares of Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 759 shares during the period. Brown Advisory Inc. lifted its stake in shares of Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares during the period. Finally, Gamco Investors INC. ET AL purchased a new stake in Fifth Third Bancorp during the second quarter worth $968,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup increased their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $54.51 on Friday. 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 has a 1 year low of $40.04 and a 1 year high of $59.50. The firm has a market capitalization of $49.43 billion, a PE ratio of 18.29, a P/E/G ratio of 1.09 and a beta of 0.91. The business’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 posted its quarterly earnings data 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 net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 earnings per share. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, equities 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) 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.