Fifth Third Bancorp $FITB Stock Holdings Increased by MFG Wealth Management Inc.

MFG Wealth Management Inc. increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 28.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,577 shares of the financial services provider’s stock after purchasing an additional 10,625 shares during the quarter. Fifth Third Bancorp makes up approximately 2.0% of MFG Wealth Management Inc.’s portfolio, making the stock its 19th largest position. MFG Wealth Management Inc.’s holdings in Fifth Third Bancorp were worth $2,738,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of Fifth Third Bancorp by 303.4% during the 1st quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after buying an additional 15,101,629 shares during the period. Norges Bank purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $649,264,000. Price T Rowe Associates Inc. MD boosted its position 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 purchasing an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC grew its stake in Fifth Third Bancorp by 719.2% in 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 purchasing an additional 2,644,332 shares in the last quarter. Finally, Invesco Ltd. increased its position in Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after purchasing an additional 2,574,712 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Stephens initiated coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target for the company. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Bank of America lifted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, UBS Group increased their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $57.01 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a fifty day simple moving average of $55.55 and a 200-day simple moving average of $51.53. The stock has a market capitalization of $51.67 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm 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 business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 EPS. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm 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 was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio 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.