OneDigital Investment Advisors LLC Acquires New Holdings in Fifth Third Bancorp $FITB

OneDigital Investment Advisors LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 23,371 shares of the financial services provider’s stock, valued at approximately $1,317,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $1,324,903,000. Norges Bank acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD grew its holdings in Fifth Third Bancorp by 41.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Fifth Third Bancorp by 719.2% in the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after buying 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 valued at $1,114,046,000 after acquiring an additional 2,574,712 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Robert W. Baird increased their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. DA Davidson raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Stephens began coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective on the stock. Finally, UBS Group upped their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $57.52 on Tuesday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. 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 stock has a market cap of $52.16 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company’s 50-day moving average price is $56.38 and its two-hundred day moving average price is $51.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data 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). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 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.