Beese Fulmer Investment Management Inc. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 50,163 shares of the financial services provider’s stock, valued at approximately $1,373,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp by 8.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,908,663 shares of the financial services provider’s stock valued at $164,852,000 after purchasing an additional 453,840 shares during the last quarter. Arizona State Retirement System raised its stake in Fifth Third Bancorp by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 334,535 shares of the financial services provider’s stock valued at $9,334,000 after purchasing an additional 4,900 shares during the last quarter. Strs Ohio raised its stake in Fifth Third Bancorp by 9.1% in the 2nd quarter. Strs Ohio now owns 73,906 shares of the financial services provider’s stock valued at $2,061,000 after purchasing an additional 6,179 shares during the last quarter. Virginia Retirement Systems ET AL raised its stake in Fifth Third Bancorp by 86.3% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 269,800 shares of the financial services provider’s stock valued at $7,527,000 after purchasing an additional 125,000 shares during the last quarter. Finally, Cerebellum GP LLC raised its stake in Fifth Third Bancorp by 331.2% in the 2nd quarter. Cerebellum GP LLC now owns 12,777 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 9,814 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on FITB shares. JPMorgan Chase & Co. reduced their price objective on Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, October 10th. ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. UBS Group upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and upped their target price for the company from $32.00 to $33.00 in a report on Friday, October 25th. Cfra upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday, October 29th. Finally, Bank of America upped their target price on Fifth Third Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.43.
Shares of NASDAQ:FITB opened at $30.43 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average of $27.79 and a two-hundred day moving average of $27.55. The stock has a market cap of $21.59 billion, a P/E ratio of 11.98, a PEG ratio of 1.46 and a beta of 1.40. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $30.65.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.02. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the business earned $0.64 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 2.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio is presently 37.80%.
In other news, EVP Timothy Spence sold 5,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total transaction of $137,600.00. Following the completion of the transaction, the executive vice president now directly owns 152,672 shares in the company, valued at approximately $4,201,533.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan Bayh purchased 4,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $25.93 per share, with a total value of $103,720.00. Following the completion of the acquisition, the director now owns 48,517 shares in the company, valued at approximately $1,258,045.81. The disclosure for this purchase can be found here. Corporate 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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