Munich Reinsurance Co Stock Corp in Munich Makes New Investment in Fifth Third Bancorp $FITB

Munich Reinsurance Co Stock Corp in Munich acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 74,897 shares of the financial services provider’s stock, valued at approximately $4,222,000.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in Fifth Third Bancorp in the second quarter valued at $1,324,903,000. Bank of America Corp DE bought a new position in shares of Fifth Third Bancorp during the second quarter valued at $995,717,000. Norges Bank acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $649,264,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $314,122,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FITB has been the subject of several analyst reports. UBS Group lifted their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Evercore set a $60.00 target price on Fifth Third Bancorp in a report on Monday, July 6th. Finally, Bank of America raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. One investment 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Down 0.1%

Shares of NASDAQ FITB opened at $54.93 on Friday. 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 $56.63 and a two-hundred day moving average of $52.03. The company has a market cap of $49.82 billion, a PE ratio of 18.43, a P/E/G 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.

Fifth Third Bancorp (NASDAQ:FITB) last released 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). The company had revenue of $3.26 billion for 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%. Fifth Third Bancorp’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period last year, the company earned $0.88 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

About Fifth Third Bancorp

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.