Fifth Third Bancorp $FITB Position Lessened by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.1% in the second quarter, Holdings Channel.com reports. The firm owned 61,376 shares of the financial services provider’s stock after selling 10,049 shares during the period. Legacy Financial Advisors Inc.’s holdings in Fifth Third Bancorp were worth $3,460,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Clearstead Trust LLC purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $29,000. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter worth approximately $25,000. SouthState Bank Corp increased its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the last quarter. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.3%

Shares of FITB stock opened at $53.85 on Tuesday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average is $56.74 and its two-hundred day moving average is $51.99. The company has a market cap of $48.84 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

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

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Analyst Ratings Changes

Several analysts have commented on FITB shares. 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. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. UBS Group upped their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada increased their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.54.

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.