Fifth Third Bancorp $FITB Stock Position Raised by Bank of Nova Scotia

Bank of Nova Scotia boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 30.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 135,461 shares of the financial services provider’s stock after purchasing an additional 31,976 shares during the period. Bank of Nova Scotia’s holdings in Fifth Third Bancorp were worth $6,294,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of FITB. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp raised its holdings in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $29,000. Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $30,000. Finally, Reflection Asset Management bought a new stake in Fifth Third Bancorp during the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.7%

Shares of FITB opened at $57.00 on Tuesday. The business’s fifty day moving average price is $54.15 and its two-hundred day moving average price is $51.03. The firm has a market capitalization of $51.66 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released 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 firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS. On average, analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FITB shares. UBS Group raised their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Wolfe Research dropped their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Finally, Jefferies Financial Group raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. One investment 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’s stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.49.

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.