Westpac Banking Corp Makes New Investment in Fifth Third Bancorp $FITB

Westpac Banking Corp purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, Holdings Channel reports. The institutional investor purchased 60,823 shares of the financial services provider’s stock, valued at approximately $3,429,000.

Other large investors also recently modified their holdings of the company. TRB Wealth Management LLC acquired a new position in Fifth Third Bancorp in the second quarter valued at $254,000. Korea Investment CORP acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth about $33,954,000. EP Wealth Advisors LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth about $1,406,000. Heartland Bank & Trust Co bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $1,413,000. Finally, Burnham & Co LLC bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $564,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. UBS Group upped their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. DA Davidson boosted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. 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 report on Monday, June 8th. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Monday, July 6th. Finally, Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.54.

Fifth Third Bancorp Stock Up 0.5%

Shares of NASDAQ FITB opened at $54.76 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a 50-day moving average price of $56.54 and a 200-day moving average price of $51.97. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal 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 paid 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 2.9%. Fifth Third Bancorp’s dividend payout ratio is 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.