Northwestern Mutual Wealth Management Co. Purchases Shares of 73,572 Fifth Third Bancorp $FITB

Northwestern Mutual Wealth Management Co. acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 73,572 shares of the financial services provider’s stock, valued at approximately $4,147,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. D.A. Davidson & CO. increased its holdings in Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after purchasing an additional 20,862 shares in the last quarter. Keybank National Association OH raised its position in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares during the last quarter. Geode Capital Management LLC boosted its stake in Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after purchasing an additional 96,656 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in Fifth Third Bancorp in the fourth quarter worth $1,514,000. Finally, Fruth Investment Management grew its holdings in shares of Fifth Third Bancorp by 335.2% during the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock worth $1,264,000 after purchasing an additional 20,957 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target on the stock. Finally, DA Davidson raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $54.76 on Monday. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $56.54 and a two-hundred day moving average price of $51.97.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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