UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 1,049,520 Shares of Fifth Third Bancorp $FITB

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 16.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,384,087 shares of the financial services provider’s stock after buying an additional 1,049,520 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Fifth Third Bancorp were worth $416,241,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the first quarter valued at about $25,000. SouthState Bank Corp lifted its stake in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp during the fourth quarter worth about $29,000. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $54.57 on Monday. 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 stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, 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 firm’s 50-day moving average price is $56.74 and its two-hundred day moving average price is $52.00.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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 firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate 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 was up 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis 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%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FITB shares. Robert W. Baird upped 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. Morgan Stanley raised their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their price target on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Stephens assumed coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

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.