United Capital Financial Advisors LLC Buys New Position in Fifth Third Bancorp $FITB

United Capital Financial Advisors LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 73,291 shares of the financial services provider’s stock, valued at approximately $4,131,000.

Other hedge funds also recently modified their holdings of the company. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp raised its holdings 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 in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $54.57 on Friday. The business’s fifty day moving average price is $56.74 and its two-hundred day moving average price is $52.01. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a price-to-earnings-growth 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 (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 EPS. As a group, analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FITB. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada raised their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Finally, DA Davidson upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average 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.