PNC Financial Services Group Inc. Acquires 64,201 Shares of Fifth Third Bancorp $FITB

PNC Financial Services Group Inc. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 24.8% during the first quarter, HoldingsChannel reports. The firm owned 322,747 shares of the financial services provider’s stock after acquiring an additional 64,201 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fifth Third Bancorp were worth $14,995,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Empowered Funds LLC boosted its stake in Fifth Third Bancorp by 7.1% in 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 in the last quarter. Woodline Partners LP raised its stake in 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 worth $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in shares of Fifth Third Bancorp in the second quarter worth about $968,000. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FITB shares. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a report on Monday, July 6th. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their target price on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. One investment 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.49.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $57.41 on Friday. The business has a 50 day moving average of $53.97 and a 200-day moving average of $50.96. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year 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. The company has a market capitalization of $52.03 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business earned $0.88 EPS. The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. 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 (DPR) is presently 54.61%.

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.