Cubist Systematic Strategies LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1,687.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,310 shares of the financial services provider’s stock after buying an additional 31,446 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Fifth Third Bancorp were worth $956,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in FITB. GAM Holding AG boosted its stake in Fifth Third Bancorp by 151.8% in the second quarter. GAM Holding AG now owns 29,719 shares of the financial services provider’s stock worth $853,000 after purchasing an additional 17,916 shares in the last quarter. Bartlett & Co. LLC boosted its stake in Fifth Third Bancorp by 556.7% in the second quarter. Bartlett & Co. LLC now owns 72,446 shares of the financial services provider’s stock worth $2,079,000 after purchasing an additional 61,414 shares in the last quarter. CIBC World Markets Inc. raised its position in shares of Fifth Third Bancorp by 102.9% during the second quarter. CIBC World Markets Inc. now owns 162,268 shares of the financial services provider’s stock worth $4,657,000 after acquiring an additional 82,298 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Fifth Third Bancorp by 1.0% during the second quarter. Nisa Investment Advisors LLC now owns 420,191 shares of the financial services provider’s stock worth $12,059,000 after acquiring an additional 4,155 shares during the last quarter. Finally, Thomas White International Ltd. bought a new stake in shares of Fifth Third Bancorp during the second quarter worth $390,000. 83.91% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on FITB shares. ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Morgan Stanley dropped their target price on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. BidaskClub downgraded Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 1st. Wedbush set a $34.00 target price on Fifth Third Bancorp and gave the stock a “buy” rating in a research report on Thursday, September 20th. Finally, UBS Group upgraded Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 target price for the company in a research report on Friday, July 20th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.69.
NASDAQ FITB traded down $0.39 on Friday, reaching $26.84. The company had a trading volume of 9,617,059 shares, compared to its average volume of 5,817,386. The company has a market capitalization of $18.65 billion, a PE ratio of 10.01, a P/E/G ratio of 1.55 and a beta of 1.27. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96. Fifth Third Bancorp has a 52 week low of $26.32 and a 52 week high of $34.67.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.61 billion. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. During the same quarter in the prior year, the company posted $0.45 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 2.51 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.68%. Fifth Third Bancorp’s dividend payout ratio is presently 26.87%.
Fifth Third Bancorp Company Profile
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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