Fifth Third Bancorp is the indirect parent company of the well-known Fifth Third Bank. As of March 2021, Fifth Third had assets worth over $200 billion. Its banking network operates close to 1100 banking centres and about 2400 ATMs. Fifth Third also has agreements in place that allow its customers to use about 53,000 ATMs without paying a fee. Besides banking, wealth and asset management is also a big part of Fifth Third Bank’s offering. It is among the largest money managers in the Midwest region and manages some $464 billion in assets. Financial stocks have been performing quite well over the past few months. Any rise in interest rates will provide a tailwind to the sector. If you are an investor looking for the best banks to invest in right now, then Fifth Third Bancorp is one stock that you may want to consider.
More About The Business of Fifth Third Bancorp
Fifth Third Bancorp has a long history. It has been around since the Civil War, been through 10 banking crises, two global pandemics, and countless other significant world events. However, it is stood the test of time and is one of the largest banks in the US today. Its primary area of service is the Midwest. The main business segments of Fifth Third Bank are consumer lending, commercial lending, and wealth & asset management. Commercial lending is the largest contributor of income, followed by branch banking and consumer lending. Fifth Third Bancorp is quite well-diversified with a sizeable presence and a strong brand, especially in the Midwest. It is among the top bank stocks now for investors looking at the financial sector.
The stock for Fifth Third Bancorp trades on the Nasdaq exchange under the symbol FITB. It closed at $40.57 on 11th June 2021, down 4.85% over the preceding month. The bank was paying a dividend yield of 2.6% as of 11th June 2021. The price isn’t far from the 52-week high of $43.06.