Citizens Financial Group Inc. RI Purchases Shares of 11,845 Fifth Third Bancorp $FITB

Citizens Financial Group Inc. RI purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 11,845 shares of the financial services provider’s stock, valued at approximately $668,000.

Several other institutional investors have also recently made changes to their positions in FITB. Empowered Funds LLC lifted its holdings in shares of 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 acquiring an additional 916 shares during the last quarter. Woodline Partners LP raised its position in 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 purchasing an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in 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 valued at $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. lifted its stake in Fifth Third Bancorp by 5.0% during the second 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 during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $968,000. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on FITB shares. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Stephens began coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price for the company. Citigroup raised their target price on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, DA Davidson lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $54.96 on Thursday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $49.84 billion, a P/E ratio of 18.44, a PEG ratio of 1.09 and a beta of 0.91. The stock’s 50 day moving average is $56.52 and its 200 day moving average is $51.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced 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 net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s 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.