Old Mission Investment Co LLC Invests $1.93 Million in Fifth Third Bancorp $FITB

Old Mission Investment Co LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 34,006 shares of the financial services provider’s stock, valued at approximately $1,931,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its position in Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock worth $199,000 after acquiring an additional 187 shares during the last quarter. Equitable Holdings Inc. grew its position in shares of Fifth Third Bancorp by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 195 shares during the last quarter. Basecamp Wealth Advisors LLC increased its stake in shares of Fifth Third Bancorp by 5.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. raised its position in shares of Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID lifted its stake in Fifth Third Bancorp by 19.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock valued at $61,000 after buying an additional 212 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on FITB shares. Keefe, Bruyette & Woods raised their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Robert W. Baird increased their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, UBS Group boosted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Down 0.1%

Shares of Fifth Third Bancorp stock opened at $54.93 on Friday. The business has a 50-day moving average of $56.63 and a 200-day moving average of $52.03. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $49.82 billion, a PE ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.89. 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 announced 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). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. As a group, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

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.