Louisiana State Employees Retirement System boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 94.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,970 shares of the financial services provider’s stock after purchasing an additional 32,570 shares during the period. Louisiana State Employees Retirement System’s holdings in Fifth Third Bancorp were worth $1,689,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. Sanders Capital LLC grew its holdings in Fifth Third Bancorp by 59.6% during the 4th quarter. Sanders Capital LLC now owns 17,818,885 shares of the financial services provider’s stock worth $468,179,000 after acquiring an additional 6,653,168 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Fifth Third Bancorp by 11.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after acquiring an additional 988,392 shares in the last quarter. Geode Capital Management LLC grew its holdings in Fifth Third Bancorp by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after acquiring an additional 574,887 shares in the last quarter. Northern Trust Corp grew its holdings in Fifth Third Bancorp by 10.4% during the 4th quarter. Northern Trust Corp now owns 9,220,340 shares of the financial services provider’s stock worth $216,954,000 after acquiring an additional 868,917 shares in the last quarter. Finally, Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth $161,089,000. 83.71% of the stock is owned by institutional investors.
Several research analysts have weighed in on the stock. Sandler O’Neill raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. BidaskClub lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Tuesday, March 12th. Keefe, Bruyette & Woods raised shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a report on Thursday, April 4th. Finally, ValuEngine lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $31.31.
In related news, EVP Frank R. Forrest sold 26,000 shares of Fifth Third Bancorp stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $26.37, for a total value of $685,620.00. Following the sale, the executive vice president now directly owns 62,974 shares in the company, valued at approximately $1,660,624.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.
Fifth Third Bancorp stock opened at $27.73 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.88 and a current ratio of 0.88. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $34.67. The stock has a market capitalization of $17.60 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.26 and a beta of 1.32.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, January 22nd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.02. Fifth Third Bancorp had a net margin of 27.32% and a return on equity of 12.34%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm posted $0.48 EPS. On average, research analysts expect that Fifth Third Bancorp will post 2.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a $0.22 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.88 annualized dividend and a yield of 3.17%. Fifth Third Bancorp’s dividend payout ratio is presently 34.65%.
Fifth Third Bancorp Company 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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