EverSource Wealth Advisors LLC Boosts Holdings in Fifth Third Bancorp $FITB

EverSource Wealth Advisors LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 398.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,997 shares of the financial services provider’s stock after purchasing an additional 15,187 shares during the period. EverSource Wealth Advisors LLC’s holdings in Fifth Third Bancorp were worth $883,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. D.A. Davidson & CO. increased its position in shares of Fifth Third Bancorp by 69.7% in the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock worth $2,359,000 after purchasing an additional 20,862 shares during the last quarter. Robinhood Asset Management LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $8,529,000. Keybank National Association OH lifted its position in Fifth Third Bancorp by 33.2% during the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares during the last quarter. Geode Capital Management LLC lifted its position in Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $1,514,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FITB. Robert W. Baird increased their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. UBS Group lifted their price target on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target for the company. Finally, Morgan Stanley upped their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. 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 stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

FITB stock opened at $56.55 on Friday. The firm has a market cap of $51.25 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.09 and a beta of 0.90. The firm’s fifty day moving average is $54.80 and its 200 day moving average is $51.23. 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.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. Research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is currently 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.