Boston Partners trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 10,131,349 shares of the financial services provider’s stock after selling 53,785 shares during the period. Boston Partners’ holdings in Fifth Third Bancorp were worth $255,512,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Stevens Capital Management LP purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $3,197,000. Hourglass Capital LLC grew its position in Fifth Third Bancorp by 100.7% during the first quarter. Hourglass Capital LLC now owns 442,400 shares of the financial services provider’s stock valued at $11,157,000 after purchasing an additional 221,950 shares in the last quarter. Whitener Capital Management Inc. grew its position in Fifth Third Bancorp by 284.2% during the first quarter. Whitener Capital Management Inc. now owns 1,825 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 1,350 shares in the last quarter. Signition LP purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $327,000. Finally, Crossmark Global Holdings Inc. grew its position in Fifth Third Bancorp by 19.5% during the first quarter. Crossmark Global Holdings Inc. now owns 73,133 shares of the financial services provider’s stock valued at $1,844,000 after purchasing an additional 11,922 shares in the last quarter. Institutional investors own 84.04% of the company’s stock.
NASDAQ FITB opened at $27.74 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $17.99 billion, a price-to-earnings ratio of 10.92, a price-to-earnings-growth ratio of 1.35 and a beta of 1.36. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $34.67.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, analysts anticipate that Fifth Third Bancorp will post 2.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Thursday, March 28th. Fifth Third Bancorp’s payout ratio is 34.65%.
In other news, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total value of $83,892.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Frank R. Forrest sold 26,000 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $26.37, for a total transaction of $685,620.00. Following the completion of the sale, the executive vice president now owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The disclosure for this sale can be found here. Insiders sold 84,727 shares of company stock valued at $2,302,901 over the last 90 days. 0.40% of the stock is owned by corporate insiders.
A number of brokerages recently commented on FITB. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, March 29th. Barclays lifted their target price on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. UBS Group lifted their target price on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, BMO Capital Markets lifted their target price on shares of Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, April 25th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $31.67.
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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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