Flputnam Investment Management Co. Invests $3.66 Million in Fifth Third Bancorp $FITB

by · The Cerbat Gem

Flputnam Investment Management Co. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 65,006 shares of the financial services provider’s stock, valued at approximately $3,664,000.

Several other hedge funds have also recently modified their holdings of FITB. Global Retirement Partners LLC bought a new position in Fifth Third Bancorp during the second quarter valued at $1,332,000. 1ST Source Bank bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $277,000. Fielder Capital Group LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $472,000. Bank of New York Mellon Corp purchased a new stake in Fifth Third Bancorp in the second quarter worth approximately $1,324,903,000. Finally, Sandro Wealth Management LLC bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $330,000. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on FITB. UBS Group increased their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Truist Financial upped their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Barclays lifted their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Bank of America lifted 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. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.

Get Our Latest Stock Report on FITB

Fifth Third Bancorp Stock Down 0.0%

Shares of NASDAQ:FITB opened at $58.05 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $56.27 and a 200 day moving average price of $51.78. The company has a market cap of $52.65 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s revenue was up 45.8% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Fifth Third Bancorp Company Profile

(Free Report)

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.

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