Comerica Bank cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 5.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 313,036 shares of the financial services provider’s stock after selling 18,812 shares during the quarter. Comerica Bank’s holdings in Fifth Third Bancorp were worth $8,139,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Private Advisor Group LLC bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $210,000. Victory Capital Management Inc. increased its stake in shares of Fifth Third Bancorp by 4.0% in the 3rd quarter. Victory Capital Management Inc. now owns 122,782 shares of the financial services provider’s stock valued at $3,428,000 after acquiring an additional 4,756 shares during the last quarter. Compass Capital Management Inc. bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $233,000. Moody National Bank Trust Division increased its stake in shares of Fifth Third Bancorp by 907.9% in the 3rd quarter. Moody National Bank Trust Division now owns 169,058 shares of the financial services provider’s stock valued at $4,720,000 after acquiring an additional 152,285 shares during the last quarter. Finally, USA Financial Portformulas Corp bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $429,000. 83.77% of the stock is owned by institutional investors.
NASDAQ:FITB opened at $27.96 on Friday. Fifth Third Bancorp has a twelve month low of $24.10 and a twelve month high of $34.67. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market cap of $18.69 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 1.57 and a beta of 1.18.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm posted $1.35 EPS. On average, sell-side analysts forecast that Fifth Third Bancorp will post 2.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 26.87%.
A number of analysts recently issued reports on FITB shares. BidaskClub cut Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 1st. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Nomura raised Fifth Third Bancorp from a “reduce” rating to a “neutral” rating and lowered their target price for the stock from $32.00 to $29.00 in a research note on Wednesday, October 24th. They noted that the move was a valuation call. ValuEngine cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Finally, UBS Group raised Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 target price for the company in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $32.31.
Fifth Third Bancorp 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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