Norris Perne & French LLP MI Makes New $554,000 Investment in Fifth Third Bancorp $FITB

Norris Perne & French LLP MI purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,947 shares of the financial services provider’s stock, valued at approximately $554,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Wellington Management Group LLP lifted its stake in shares of Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after purchasing an additional 3,972,795 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Bank of America Corp DE acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $995,717,000. Dimensional Fund Advisors LP increased its position in Fifth Third Bancorp by 30.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock worth $507,151,000 after purchasing an additional 2,569,479 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Fifth Third Bancorp by 16.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider’s stock valued at $416,241,000 after buying an additional 1,049,520 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent research reports. Citigroup lifted their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group dropped their price objective on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Stephens cut their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Friday, October 2nd. Finally, Royal Bank Of Canada reduced their target price on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.77.

Fifth Third Bancorp Price Performance

FITB stock opened at $53.05 on Friday. The firm has a market cap of $48.11 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $40.68 and a 1 year high of $59.50. The stock has a 50-day simple moving average of $52.96 and a 200-day simple moving average of $53.10.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $0.86 by $0.27. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. Fifth Third Bancorp’s revenue for the quarter was up 42.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is presently 57.53%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.