Pinnacle Holdings LLC Invests $655,000 in Fifth Third Bancorp $FITB

Pinnacle Holdings LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,625 shares of the financial services provider’s stock, valued at approximately $655,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the 1st quarter worth about $25,000. SouthState Bank Corp grew its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Clearstead Trust LLC purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Bank of America upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. UBS Group boosted their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Robert W. Baird upped 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. Finally, Truist Financial increased their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $54.76 on Monday. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. The business has a 50 day simple moving average of $56.54 and a two-hundred day simple moving average of $51.97. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. 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 results 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 analyst estimates of $3.24 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The business’s revenue was up 45.8% on a year-over-year basis. As a group, analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders 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 dividend on an annualized basis and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) 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.