1 North Wealth Services LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,546 shares of the financial services provider’s stock, valued at approximately $83,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of FITB. Oregon Public Employees Retirement Fund lifted its holdings in shares of Fifth Third Bancorp by 2,225.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,765,315 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 1,689,396 shares during the period. Legacy Bridge LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $97,000. Rational Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 244.7% during the third quarter. Rational Advisors LLC now owns 3,588 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 2,547 shares during the period. Clean Yield Group acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth $100,000. Finally, First Mercantile Trust Co. lifted its holdings in shares of Fifth Third Bancorp by 48.6% during the fourth quarter. First Mercantile Trust Co. now owns 7,280 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 2,380 shares during the period. 82.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on FITB shares. Citigroup upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and cut their price target for the stock from $37.00 to $29.00 in a report on Wednesday, January 9th. BidaskClub lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, December 13th. Piper Jaffray Companies set a $31.00 price target on shares of Fifth Third Bancorp and gave the stock a “hold” rating in a report on Monday, October 29th. Nomura upgraded shares of Fifth Third Bancorp from a “reduce” rating to a “neutral” rating and cut their price target for the stock from $32.00 to $29.00 in a report on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, January 11th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $31.13.
FITB stock opened at $26.77 on Thursday. The firm has a market capitalization of $17.78 billion, a P/E ratio of 10.54, a PEG ratio of 1.34 and a beta of 1.32. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.97. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $34.67.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, January 22nd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.66 billion. Fifth Third Bancorp had a net margin of 27.32% and a return on equity of 12.34%. During the same quarter in the previous year, the business earned $0.48 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post 2.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Monday, December 31st were issued a $0.22 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, December 28th. This represents a $0.88 annualized dividend and a yield of 3.29%. Fifth Third Bancorp’s payout ratio is presently 34.65%.
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About Fifth Third Bancorp
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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