New England Research & Management Inc. reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,600 shares of the financial services provider’s stock after selling 3,600 shares during the period. New England Research & Management Inc.’s holdings in Fifth Third Bancorp were worth $1,002,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Front Barnett Associates LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $223,000. Donaldson Capital Management LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $420,000. Beese Fulmer Investment Management Inc. acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $1,373,000. IFM Investors Pty Ltd increased its position in Fifth Third Bancorp by 58.8% in the 3rd quarter. IFM Investors Pty Ltd now owns 84,888 shares of the financial services provider’s stock worth $2,324,000 after purchasing an additional 31,440 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in Fifth Third Bancorp by 23.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,583,397 shares of the financial services provider’s stock worth $125,673,000 after purchasing an additional 855,653 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on FITB. Bank of America increased their price objective on Fifth Third Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Raymond James increased their price objective on Fifth Third Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday. Citigroup lowered their price objective on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, ValuEngine lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $31.43.
FITB traded up $0.05 during midday trading on Friday, reaching $30.56. The company’s stock had a trading volume of 3,597,500 shares, compared to its average volume of 6,476,386. The stock has a market cap of $22.17 billion, a P/E ratio of 12.03, a PEG ratio of 1.50 and a beta of 1.40. The company has a fifty day simple moving average of $27.89 and a 200 day simple moving average of $27.58. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $30.89.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.02. The firm had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. During the same quarter last year, the firm posted $0.64 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 2.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 37.80%.
In other Fifth Third Bancorp news, Director Evan Bayh bought 4,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $25.93 per share, with a total value of $103,720.00. Following the acquisition, the director now directly owns 48,517 shares of the company’s stock, valued at approximately $1,258,045.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the sale, the executive vice president now directly owns 152,672 shares in the company, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
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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