Meeder Advisory Services Inc. Takes Position in Fifth Third Bancorp $FITB

Meeder Advisory Services Inc. acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 43,975 shares of the financial services provider’s stock, valued at approximately $2,479,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC raised its stake in Fifth Third Bancorp by 7.1% during the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after buying an additional 916 shares during the period. Woodline Partners LP increased its holdings in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 759 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $968,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $57.30 on Wednesday. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a market cap of $51.96 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.09 and a beta of 0.91. The firm has a 50-day moving average of $56.47 and a 200-day moving average of $51.88. 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 issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities research analysts forecast 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. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Analyst Upgrades and Downgrades

FITB has been the topic of several research reports. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Truist Financial boosted their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, 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 objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

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.