Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by USA Financial Formulas

USA Financial Formulas lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 81.7% during the first quarter, HoldingsChannel reports. The firm owned 5,715 shares of the financial services provider’s stock after selling 25,541 shares during the period. USA Financial Formulas’ holdings in Fifth Third Bancorp were worth $224,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FITB. Sierra Ocean LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $28,000. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $33,000. Finally, REAP Financial Group LLC lifted its stake in shares of Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 487 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $39.14 on Thursday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The firm has a market capitalization of $26.13 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90. The business has a 50 day simple moving average of $36.85 and a 200 day simple moving average of $40.82. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FITB. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the company from $42.00 to $47.00 in a research note on Monday. TD Cowen began coverage on Fifth Third Bancorp in a research note on Thursday, May 15th. They set a “buy” rating and a $52.00 price objective on the stock. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday. Cowen began coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Citigroup cut their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.53.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.