Stoneridge Investment Partners LLC Makes New Investment in Fifth Third Bancorp $FITB

Stoneridge Investment Partners LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,821 shares of the financial services provider’s stock, valued at approximately $724,000.

Several other hedge funds have also recently modified their holdings of FITB. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp in the second quarter worth about $29,000. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $25,000. SouthState Bank Corp increased its position in shares of 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 purchasing an additional 236 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at $29,000. Finally, Leonteq Securities AG purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Bank of America lifted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Stephens assumed coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, Citigroup upped their price target on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Price Performance

FITB opened at $58.05 on Friday. The business has a fifty day moving average of $56.27 and a 200 day moving average of $51.77. The stock has a market cap of $52.65 billion, a P/E ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. 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 has a 52-week low of $40.04 and a 52-week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the business earned $0.88 EPS. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS 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 issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 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.