QRG Capital Management Inc. Has $3.19 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

QRG Capital Management Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,434 shares of the financial services provider’s stock after purchasing an additional 2,050 shares during the period. QRG Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $3,192,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Howard Capital Management Inc. increased its holdings in Fifth Third Bancorp by 5.6% in the 4th quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 274 shares in the last quarter. Pinnacle Financial Partners Inc increased its holdings in Fifth Third Bancorp by 3.3% in the 4th quarter. Pinnacle Financial Partners Inc now owns 8,653 shares of the financial services provider’s stock worth $366,000 after purchasing an additional 276 shares in the last quarter. Oxford Financial Group LTD. LLC increased its holdings in Fifth Third Bancorp by 3.1% in the 4th quarter. Oxford Financial Group LTD. LLC now owns 10,341 shares of the financial services provider’s stock worth $437,000 after purchasing an additional 313 shares in the last quarter. Gotham Asset Management LLC increased its holdings in Fifth Third Bancorp by 2.3% in the 4th quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 316 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its holdings in Fifth Third Bancorp by 0.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider’s stock worth $2,161,000 after purchasing an additional 322 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.8%

Shares of Fifth Third Bancorp stock opened at $38.78 on Thursday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. The stock’s 50-day moving average is $37.24 and its 200 day moving average is $40.48. The firm has a market cap of $25.89 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.31 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same quarter in the prior year, the company earned $0.70 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, June 16th 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. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.82%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FITB shares. Stephens reaffirmed an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Cowen began coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Citigroup decreased their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Baird R W raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

Fifth Third Bancorp Company Profile

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.