Fifth Third Bancorp $FITB Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 21.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,043,366 shares of the financial services provider’s stock after purchasing an additional 365,996 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fifth Third Bancorp were worth $94,935,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FITB. Bank of New York Mellon Corp raised 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 worth $932,904,000 after buying an additional 15,101,629 shares during the last quarter. Norges Bank acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in Fifth Third Bancorp by 41.6% during the 4th 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 acquiring an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after acquiring an additional 2,644,332 shares in the last quarter. Finally, Invesco Ltd. raised its position in Fifth Third Bancorp by 12.1% during the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after acquiring 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 Analyst Weigh In

Several brokerages have issued reports on FITB. Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Robert W. Baird raised their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Stephens assumed coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.49.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $57.78 on Wednesday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The stock has a market capitalization of $52.36 billion, a P/E ratio of 19.39, a P/E/G ratio of 1.09 and a beta of 0.90. The firm’s 50-day moving average is $54.36 and its two-hundred day moving average is $51.09. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

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 analysts’ consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. Equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.

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.