Legal & General Group Plc Takes Position in Fifth Third Bancorp $FITB

Legal & General Group Plc acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,575,769 shares of the financial services provider’s stock, valued at approximately $314,122,000.

Several other institutional investors have also bought and sold shares of the stock. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp during the 1st quarter valued at about $25,000. SouthState Bank Corp lifted its stake in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp in the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on FITB. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. DA Davidson lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Robert W. Baird raised their target price 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. 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Trading Up 0.1%

Shares of NASDAQ:FITB opened at $54.96 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $49.84 billion, a price-to-earnings ratio of 18.44, a PEG 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 50 day moving average price of $56.61 and a 200 day moving average price of $51.99.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the company posted $0.88 EPS. Fifth Third Bancorp’s quarterly revenue was up 45.8% on a year-over-year basis. On average, research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. 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 payout ratio is 54.61%.

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.