Csenge Advisory Group Makes New Investment in Fifth Third Bancorp $FITB

Csenge Advisory Group acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 21,153 shares of the financial services provider’s stock, valued at approximately $1,192,000.

A number of other institutional investors also recently modified their holdings of FITB. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $29,000. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp increased its stake in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. Finally, Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 4.1%

Shares of FITB stock opened at $54.96 on Thursday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50-day simple moving average of $56.52 and a two-hundred day simple moving average of $51.92. The company has a market capitalization of $49.84 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.09 and a beta of 0.91.

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 during the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.88 EPS. Research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FITB. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. UBS Group boosted their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, DA Davidson raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. 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 MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus target price of $60.54.

About Fifth Third Bancorp

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.