Pitcairn Co. cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,908 shares of the financial services provider’s stock after selling 1,936 shares during the period. Pitcairn Co.’s holdings in Fifth Third Bancorp were worth $268,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of FITB. Ellevest Inc. lifted its holdings in shares of Fifth Third Bancorp by 188.1% during the 1st quarter. Ellevest Inc. now owns 1,691 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 1,104 shares in the last quarter. Asio Capital LLC acquired a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $25,000. Harbor Investment Advisory LLC acquired a new position in Fifth Third Bancorp in the 1st quarter worth $25,000. Creative Financial Designs Inc. ADV acquired a new position in Fifth Third Bancorp in the 2nd quarter worth $29,000. Finally, NuWave Investment Management LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 78.20% of the company’s stock.
Shares of NASDAQ:FITB opened at $19.86 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.79. Fifth Third Bancorp has a fifty-two week low of $11.10 and a fifty-two week high of $31.64. The firm has a 50-day simple moving average of $19.53 and a 200 day simple moving average of $21.02. The company has a market cap of $14.14 billion, a PE ratio of 10.68, a P/E/G ratio of 1.72 and a beta of 1.72.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.10. Fifth Third Bancorp had a net margin of 16.55% and a return on equity of 7.37%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. As a group, research analysts forecast that Fifth Third Bancorp will post 1.4 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 5.44%. The ex-dividend date was Monday, June 29th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 38.99%.
FITB has been the topic of a number of recent analyst reports. Wells Fargo & Co boosted their price objective on shares of Fifth Third Bancorp from $16.00 to $20.00 in a report on Friday, June 5th. Wedbush boosted their price objective on shares of Fifth Third Bancorp from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Barclays reiterated a “buy” rating and issued a $24.00 price objective on shares of Fifth Third Bancorp in a report on Thursday, April 9th. Wolfe Research assumed coverage on shares of Fifth Third Bancorp in a report on Friday. They issued an “outperform” rating on the stock. Finally, Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $22.00 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, June 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $24.50.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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