1,877,092 Shares in Fifth Third Bancorp $FITB Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, HoldingsChannel reports. The fund bought 1,877,092 shares of the financial services provider’s stock, valued at approximately $105,812,000.

A number of other institutional investors also recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp during the first quarter worth about $25,000. SouthState Bank Corp increased its position in Fifth Third Bancorp by 74.7% in the 1st 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 bought a new position in Fifth Third Bancorp during the 4th quarter worth $29,000. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp during the second quarter worth about $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

Shares of FITB stock opened at $54.96 on Wednesday. The company’s fifty day simple moving average is $56.61 and its two-hundred day simple moving average is $51.99. The stock has a market capitalization of $49.84 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.09 and a beta of 0.91. 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.

Fifth Third Bancorp (NASDAQ:FITB) last issued its 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 the consensus estimate of $3.24 billion. During the same quarter in the prior year, the business 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 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio (DPR) is 54.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Morgan Stanley raised their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.