USA Financial Formulas Makes New $692,000 Investment in Fifth Third Bancorp $FITB

USA Financial Formulas bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 13,682 shares of the financial services provider’s stock, valued at approximately $692,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $1,324,903,000. Bank of America Corp DE purchased a new position in Fifth Third Bancorp during the second quarter valued at approximately $995,717,000. Legal & General Group Plc purchased a new position in Fifth Third Bancorp during the second quarter valued at approximately $314,122,000. Wellington Management Group LLP increased its stake in Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the period. Finally, Deutsche Bank AG acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $145,232,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FITB. Royal Bank Of Canada increased their target price 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. UBS Group decreased their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Stephens lowered their price target on shares of Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 22nd. Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Finally, Bank of America increased their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.92.

Fifth Third Bancorp Stock Up 0.2%

Shares of Fifth Third Bancorp stock opened at $50.44 on Friday. The firm has a market cap of $45.74 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 1.09 and a beta of 0.97. The stock has a 50-day simple moving average of $53.49 and a 200-day simple moving average of $52.89. Fifth Third Bancorp has a 52-week low of $40.65 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 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%. The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 57.34%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.