Quantitative Investment Management LLC Invests $2.51 Million in Fifth Third Bancorp $FITB

Quantitative Investment Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, HoldingsChannel.com reports. The firm bought 44,508 shares of the financial services provider’s stock, valued at approximately $2,508,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Center for Financial Planning Inc. acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at about $25,000. SouthState Bank Corp boosted its stake in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $29,000. Clearstead Trust LLC purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $29,000. Finally, Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $30,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.1%

FITB stock opened at $54.57 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The company’s 50 day moving average is $56.74 and its two-hundred day moving average is $52.00. The stock has a market cap of $49.49 billion, a P/E ratio of 18.31, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Royal Bank Of Canada raised their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Stephens began coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Finally, Bank of America raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.