Edgestream Partners L.P. Has $2.16 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Edgestream Partners L.P. lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1,038.0% during the 1st quarter, HoldingsChannel reports. The fund owned 55,057 shares of the financial services provider’s stock after buying an additional 50,219 shares during the period. Edgestream Partners L.P.’s holdings in Fifth Third Bancorp were worth $2,158,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. HWG Holdings LP bought a new position in shares of Fifth Third Bancorp during the first quarter valued at $27,000. Quarry LP acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $29,000. REAP Financial Group LLC grew its position in shares of Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after buying an additional 487 shares during the period. Grove Bank & Trust grew its position in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after buying an additional 335 shares during the period. Finally, Citizens National Bank Trust Department acquired a new position in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. reduced their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price objective for the company in a research report on Monday, April 7th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and increased their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, TD Cowen started coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a “buy” rating and a $52.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

Fifth Third Bancorp Stock Down 1.0%

FITB stock opened at $42.61 on Friday. 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 firm has a market capitalization of $28.44 billion, a PE ratio of 13.53, a P/E/G ratio of 1.40 and a beta of 0.91. The company’s 50 day simple moving average is $40.09 and its 200-day simple moving average is $40.09. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the business earned $0.81 EPS. Equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp announced that its Board of Directors has approved a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

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.