The Manufacturers Life Insurance Company Takes Position in Fifth Third Bancorp $FITB

The Manufacturers Life Insurance Company bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,877,092 shares of the financial services provider’s stock, valued at approximately $105,812,000. The Manufacturers Life Insurance Company owned 0.21% of Fifth Third Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp lifted its position in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.1%

Fifth Third Bancorp stock opened at $54.96 on Wednesday. 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’s 50-day moving average is $56.61 and its 200-day moving average is $51.99. The firm has a market capitalization of $49.84 billion, a PE ratio of 18.44, a P/E/G ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

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 analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the company posted $0.88 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current 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 given a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. DA Davidson boosted their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, UBS Group increased their price target on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

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.