Weiss Asset Management LP Buys Shares of 18,095 Fifth Third Bancorp $FITB

Weiss Asset Management LP bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 18,095 shares of the financial services provider’s stock, valued at approximately $841,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC raised its stake in Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. grew its position in Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at about $968,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.7%

Shares of Fifth Third Bancorp stock opened at $57.00 on Tuesday. 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 company’s 50 day moving average is $54.15 and its 200 day moving average is $51.03. The company has a market cap of $51.66 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 company had revenue of $3.26 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the firm posted $0.88 EPS. Research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued 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 payout ratio is presently 54.61%.

Analyst Ratings Changes

FITB has been the topic of a number of recent analyst reports. Citigroup increased their price target on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group lifted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Finally, Evercore set a $60.00 price target on Fifth Third Bancorp in a research note on Monday, July 6th. One research 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 stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $60.49.

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.