Cigna Investments Inc. New lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 14.3% during the 2nd quarter, Holdings Channel reports. The firm owned 22,830 shares of the financial services provider’s stock after acquiring an additional 2,850 shares during the period. Cigna Investments Inc. New’s holdings in Fifth Third Bancorp were worth $441,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Fifth Third Bancorp by 17.2% in the 2nd quarter. Vanguard Group Inc. now owns 74,657,930 shares of the financial services provider’s stock worth $1,439,405,000 after purchasing an additional 10,973,839 shares during the last quarter. Bank of America Corp DE raised its stake in Fifth Third Bancorp by 92.4% during the 2nd quarter. Bank of America Corp DE now owns 34,153,800 shares of the financial services provider’s stock worth $658,485,000 after buying an additional 16,403,453 shares during the period. Invesco Ltd. raised its stake in Fifth Third Bancorp by 4.0% during the 1st quarter. Invesco Ltd. now owns 20,193,352 shares of the financial services provider’s stock worth $299,872,000 after buying an additional 780,321 shares during the period. Geode Capital Management LLC raised its stake in Fifth Third Bancorp by 2.3% during the 1st quarter. Geode Capital Management LLC now owns 12,353,099 shares of the financial services provider’s stock worth $183,150,000 after buying an additional 277,410 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Fifth Third Bancorp by 8.6% during the 1st quarter. Wells Fargo & Company MN now owns 10,417,828 shares of the financial services provider’s stock worth $154,705,000 after buying an additional 828,846 shares during the period. Institutional investors and hedge funds own 78.51% of the company’s stock.
FITB has been the topic of several research analyst reports. Wolfe Research initiated coverage on Fifth Third Bancorp in a research note on Friday, July 31st. They set an “outperform” rating on the stock. Citigroup dropped their price objective on Fifth Third Bancorp from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Royal Bank of Canada dropped their price objective on Fifth Third Bancorp from $28.00 to $24.00 in a research note on Wednesday, July 1st. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $16.00 to $20.00 in a research note on Friday, June 5th. Finally, Piper Sandler lifted their price target on Fifth Third Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $24.53.
Shares of NASDAQ:FITB opened at $21.87 on Wednesday. Fifth Third Bancorp has a 12-month low of $11.10 and a 12-month high of $31.64. The stock has a market cap of $15.58 billion, a PE ratio of 11.27, a P/E/G ratio of 1.85 and a beta of 1.70. The business has a 50 day moving average of $20.60 and a 200-day moving average of $19.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.79.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.10. Fifth Third Bancorp had a return on equity of 7.37% and a net margin of 16.55%. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. The business’s revenue was down 3.0% on a year-over-year basis. Equities research analysts expect that Fifth Third Bancorp will post 1.38 earnings per share for the current year.
Fifth Third Bancorp Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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