Flinton Capital Management LLC grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 58.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,516 shares of the financial services provider’s stock after acquiring an additional 68,964 shares during the quarter. Flinton Capital Management LLC’s holdings in Fifth Third Bancorp were worth $5,689,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $101,000. Horan Capital Advisors LLC. purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at approximately $102,000. Delpha Capital Management LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $107,000. Valeo Financial Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at approximately $119,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $148,000. Hedge funds and other institutional investors own 83.82% of the company’s stock.
Fifth Third Bancorp (FITB) opened at $33.62 on Thursday. Fifth Third Bancorp has a 1 year low of $23.20 and a 1 year high of $34.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $23,398.61, a price-to-earnings ratio of 18.51, a PEG ratio of 1.88 and a beta of 1.31.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm earned $0.49 EPS. sell-side analysts forecast that Fifth Third Bancorp will post 2.3 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its board has initiated a share repurchase plan on Tuesday, February 27th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.90%. Fifth Third Bancorp’s dividend payout ratio is presently 22.46%.
In related news, Director Emerson L. Brumback sold 3,000 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $33.44, for a total transaction of $100,320.00. Following the sale, the director now directly owns 53,143 shares in the company, valued at approximately $1,777,101.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Mark D. Hazel sold 7,500 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $32.81, for a total value of $246,075.00. Following the sale, the senior vice president now owns 62,254 shares in the company, valued at $2,042,553.74. The disclosure for this sale can be found here. Insiders have sold a total of 179,410 shares of company stock worth $5,879,506 in the last ninety days. Insiders own 0.40% of the company’s stock.
FITB has been the topic of several analyst reports. BidaskClub raised Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. Bank of America lifted their target price on Fifth Third Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Morgan Stanley lifted their target price on Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $35.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, January 24th. Finally, Macquarie cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and cut their target price for the company from $28.47 to $26.00 in a research report on Friday, November 17th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $30.70.
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About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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