Public Sector Pension Investment Board lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,139 shares of the financial services provider’s stock after selling 17,580 shares during the quarter. Public Sector Pension Investment Board’s holdings in Fifth Third Bancorp were worth $3,785,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Sanders Capital LLC lifted its holdings in Fifth Third Bancorp by 1.6% during the 4th quarter. Sanders Capital LLC now owns 19,297,015 shares of the financial services provider’s stock worth $664,082,000 after purchasing an additional 309,250 shares during the last quarter. Boston Partners increased its position in Fifth Third Bancorp by 1.8% in the 4th quarter. Boston Partners now owns 11,298,111 shares of the financial services provider’s stock valued at $347,317,000 after buying an additional 200,014 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,251,288 shares of the financial services provider’s stock valued at $192,165,000 after buying an additional 216,645 shares in the last quarter. Millennium Management LLC increased its position in Fifth Third Bancorp by 34,364.2% in the 3rd quarter. Millennium Management LLC now owns 5,872,706 shares of the financial services provider’s stock valued at $160,794,000 after buying an additional 5,855,666 shares in the last quarter. Finally, Pzena Investment Management LLC increased its position in Fifth Third Bancorp by 14.4% in the 4th quarter. Pzena Investment Management LLC now owns 5,274,335 shares of the financial services provider’s stock valued at $162,133,000 after buying an additional 664,773 shares in the last quarter. 78.90% of the stock is currently owned by institutional investors and hedge funds.
In other Fifth Third Bancorp news, Director Katherine H. Blackburn bought 58,800 shares of the stock in a transaction dated Friday, March 13th. The stock was purchased at an average cost of $16.90 per share, for a total transaction of $993,720.00. Following the completion of the acquisition, the director now owns 104,154 shares of the company’s stock, valued at $1,760,202.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Frank R. Forrest sold 3,224 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $28.23, for a total transaction of $91,013.52. Following the transaction, the executive vice president now owns 53,874 shares of the company’s stock, valued at $1,520,863.02. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
FITB has been the subject of a number of recent research reports. UBS Group decreased their price objective on Fifth Third Bancorp from $36.00 to $35.00 and set a “buy” rating for the company in a report on Friday, January 24th. Robert W. Baird raised Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $32.00 target price for the company in a report on Monday, March 2nd. Odeon Capital Group started coverage on Fifth Third Bancorp in a report on Friday, December 6th. They issued a “hold” rating for the company. Evercore ISI reaffirmed a “sell” rating on shares of Fifth Third Bancorp in a report on Thursday, January 23rd. Finally, Barclays raised Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $38.00 target price for the company in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and an average price target of $31.43.
Shares of Fifth Third Bancorp stock traded up $2.50 during trading on Thursday, reaching $17.32. 11,800,360 shares of the stock were exchanged, compared to its average volume of 11,399,426. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average is $23.59 and its 200 day moving average is $27.74. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of 5.15, a price-to-earnings-growth ratio of 0.61 and a beta of 1.36. Fifth Third Bancorp has a 1 year low of $11.10 and a 1 year high of $31.64.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $0.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.05). Fifth Third Bancorp had a return on equity of 10.96% and a net margin of 25.65%. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 2.86 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be issued a $0.27 dividend. The ex-dividend date is Monday, March 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.24. This represents a $1.08 annualized dividend and a yield of 6.24%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 34.66%.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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