10,937 Shares in Fifth Third Bancorp $FITB Purchased by Legacy Wealth Management LLC MS

Legacy Wealth Management LLC MS acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,937 shares of the financial services provider’s stock, valued at approximately $617,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FITB. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $25,000. SouthState Bank Corp raised its holdings in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp in the fourth quarter worth $29,000. Leonteq Securities AG bought a new stake in Fifth Third Bancorp in the fourth quarter worth $30,000. Finally, Reflection Asset Management purchased a new position in Fifth Third Bancorp during the fourth quarter worth $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. UBS Group boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Stephens began coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. Finally, Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Up 0.1%

Shares of NASDAQ:FITB opened at $57.01 on Friday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The stock has a market cap of $51.67 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The business’s 50 day moving average is $55.55 and its 200 day moving average is $51.53. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last released 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). The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. Sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. 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.