Paloma Partners Management Co lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 935.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 443,556 shares of the financial services provider’s stock after acquiring an additional 400,733 shares during the quarter. Paloma Partners Management Co owned approximately 0.06% of Fifth Third Bancorp worth $13,457,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in FITB. Icon Wealth Partners LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $101,000. Horan Capital Advisors LLC. bought a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $102,000. Delpha Capital Management LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $107,000. Valeo Financial Advisors LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $119,000. Finally, Harvest Fund Management Co. Ltd bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $148,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at $34.21 on Monday. The company has a market cap of $23,501.65, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 1.89 and a beta of 1.31. Fifth Third Bancorp has a 1 year low of $23.20 and a 1 year high of $34.22. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99.
Fifth Third Bancorp announced that its board has approved a share buyback plan on Tuesday, February 27th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Wednesday, March 28th. Fifth Third Bancorp’s payout ratio is 22.46%.
In related news, EVP Frank R. Forrest sold 4,836 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $31.90, for a total value of $154,268.40. Following the completion of the sale, the executive vice president now owns 112,474 shares in the company, valued at approximately $3,587,920.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Mark D. Hazel sold 7,500 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $32.81, for a total transaction of $246,075.00. Following the completion of the sale, the senior vice president now owns 62,254 shares of the company’s stock, valued at approximately $2,042,553.74. The disclosure for this sale can be found here. Insiders have sold a total of 179,410 shares of company stock valued at $5,879,506 in the last quarter. Corporate insiders own 0.40% of the company’s stock.
FITB has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, January 8th. BidaskClub upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Royal Bank of Canada restated a “buy” rating on shares of Fifth Third Bancorp in a research report on Sunday, December 10th. Vining Sparks restated a “buy” rating and issued a $35.00 price objective on shares of Fifth Third Bancorp in a research report on Sunday, January 28th. Finally, Barclays boosted their price objective on shares of Fifth Third Bancorp from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $30.70.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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