Fulcrum Asset Management LLP purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the third quarter, HoldingsChannel reports. The fund purchased 36,391 shares of the financial services provider’s stock, valued at approximately $1,855,000.
Several other hedge funds and other institutional investors have also bought and sold shares of FITB. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $1,324,903,000. Bank of America Corp DE acquired a new stake in Fifth Third Bancorp during the second quarter worth approximately $995,717,000. Legal & General Group Plc acquired a new stake in Fifth Third Bancorp during the second quarter worth approximately $314,122,000. Wellington Management Group LLP grew its position in Fifth Third Bancorp by 20.2% during the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after buying an additional 3,972,795 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in Fifth Third Bancorp during the 2nd quarter worth $145,232,000. Institutional investors and hedge funds own 83.79% of the company’s stock.
Insiders Place Their Bets
In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the sale, the executive vice president directly owned 121,460 shares of the company’s stock, valued at $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.51% of the stock is owned by company insiders.
Fifth Third Bancorp Stock Down 0.3%
NASDAQ FITB opened at $54.21 on Wednesday. The business has a fifty day moving average price of $52.66 and a two-hundred day moving average price of $52.18. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50. The stock has a market capitalization of $48.99 billion, a PE ratio of 18.19, a PEG ratio of 1.09 and a beta of 0.98.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same quarter last year, the company posted $0.91 EPS. The company’s revenue for the quarter was up 42.4% compared to the same quarter last year. Equities analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.
Fifth Third Bancorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.1%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is 57.53%.
Analysts Set New Price Targets
FITB has been the subject of several analyst reports. DA Davidson lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Evercore upgraded Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday, October 21st. UBS Group dropped their price target on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Stephens cut their price objective on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.87.
View Our Latest Report on Fifth Third Bancorp
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.
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