Intech Investment Management LLC Increases Position in Fifth Third Bancorp $FITB

Intech Investment Management LLC grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 63.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,583 shares of the financial services provider’s stock after purchasing an additional 30,140 shares during the quarter. Intech Investment Management LLC’s holdings in Fifth Third Bancorp were worth $3,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AE Wealth Management LLC boosted its position in shares of Fifth Third Bancorp by 4.7% in the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock valued at $15,503,000 after purchasing an additional 15,627 shares during the period. Envestnet Asset Management Inc. lifted its stake in Fifth Third Bancorp by 2.4% in the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock valued at $90,131,000 after buying an additional 48,080 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $1,314,000. Intact Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 24.5% during the third quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock worth $5,319,000 after acquiring an additional 23,500 shares during the last quarter. Finally, Huntington National Bank grew its position in shares of Fifth Third Bancorp by 10.9% during the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after acquiring an additional 11,935 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 4.8%

NASDAQ FITB opened at $49.47 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $32.70 billion, a P/E ratio of 13.97, a P/E/G ratio of 1.00 and a beta of 0.96. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The firm has a 50-day moving average price of $50.59 and a 200 day moving average price of $46.36.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The company had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%. Equities research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FITB. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Barclays upped their target price on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Citigroup raised their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. DA Davidson boosted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, TD Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.