Mill Capital Management LLC Acquires New Position in Fifth Third Bancorp $FITB

Mill Capital Management LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,182 shares of the financial services provider’s stock, valued at approximately $969,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Capital World Investors raised its holdings in shares of Fifth Third Bancorp by 5.6% during the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after buying an additional 1,719,361 shares in the last quarter. State Street Corp lifted its position in shares of Fifth Third Bancorp by 0.3% during the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after buying an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after buying an additional 530,489 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Up 0.2%

Shares of FITB stock opened at $58.05 on Friday. The firm has a market capitalization of $52.65 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve 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 stock’s fifty day simple moving average is $56.27 and its 200 day simple moving average is $51.77.

Fifth Third Bancorp (NASDAQ:FITB) last issued 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 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 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 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FITB. The Goldman Sachs Group lifted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company increased 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. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada upped their price objective 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 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.54.

About Fifth Third Bancorp

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.