Quantitative Investment Management LLC Takes $2.51 Million Position in Fifth Third Bancorp $FITB

Quantitative Investment Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,508 shares of the financial services provider’s stock, valued at approximately $2,508,000.

Other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after buying an additional 10,444,799 shares during the last quarter. Capital World Investors lifted its holdings in Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after acquiring an additional 1,719,361 shares during the last quarter. State Street Corp grew its position in Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after acquiring an additional 530,489 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Fifth Third Bancorp by 12.1% during the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after acquiring an additional 2,574,712 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the topic of several recent analyst reports. Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Robert W. Baird raised their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Trading Up 0.1%

FITB opened at $54.57 on Monday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The business has a fifty day simple moving average of $56.74 and a 200-day simple moving average of $52.00. The firm has a market cap of $49.49 billion, a P/E ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. Fifth Third Bancorp’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

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.