Sanctuary Advisors LLC Acquires New Shares in Fifth Third Bancorp $FITB

Sanctuary Advisors LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, HoldingsChannel reports. The fund acquired 257,895 shares of the financial services provider’s stock, valued at approximately $14,538,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $1,324,903,000. Norges Bank bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after buying an additional 10,444,799 shares during the period. Clearbridge Investments LLC increased its holdings in Fifth Third Bancorp by 719.2% during the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after buying an additional 2,644,332 shares during the period. Finally, Deutsche Bank AG bought a new position in Fifth Third Bancorp in the second quarter worth approximately $145,232,000. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada boosted their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Truist Financial raised their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Trading Down 0.1%

NASDAQ FITB opened at $54.76 on Monday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The company has a 50 day moving average price of $56.54 and a 200 day moving average price of $51.97. 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 firm has a market cap of $49.66 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.88 earnings per share. Fifth Third Bancorp’s revenue was up 45.8% on a year-over-year basis. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. 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 dividend payout ratio (DPR) is presently 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.