Hicks Capital Management LLC Buys New Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Hicks Capital Management LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 17,184 shares of the financial services provider’s stock, valued at approximately $674,000. Fifth Third Bancorp makes up 0.9% of Hicks Capital Management LLC’s portfolio, making the stock its 22nd largest position.

A number of other large investors also recently modified their holdings of FITB. Advisor OS LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at $212,000. Carlson Capital L.P. acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth about $495,000. Mn Services Vermogensbeheer B.V. increased its holdings in shares of Fifth Third Bancorp by 1.7% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 265,500 shares of the financial services provider’s stock valued at $11,225,000 after acquiring an additional 4,400 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $6,416,000. Finally, QRG Capital Management Inc. raised its position in shares of Fifth Third Bancorp by 10.5% during the 4th quarter. QRG Capital Management Inc. now owns 79,384 shares of the financial services provider’s stock worth $3,356,000 after acquiring an additional 7,526 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 1.9%

NASDAQ:FITB opened at $41.45 on Friday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The stock’s 50 day simple moving average is $37.94 and its 200-day simple moving average is $40.20. The firm has a market cap of $27.67 billion, a P/E ratio of 13.16, a PEG ratio of 1.40 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same period last year, the firm posted $0.70 EPS. Equities analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp announced that its board has approved a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.57%. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FITB shares. JPMorgan Chase & Co. dropped their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Barclays dropped their target price on shares of Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Finally, Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.53.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.