City State Bank acquired a new stake in Fifth Third Bancorp (NASDAQ: FITB – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 28,348 shares of the financial services provider’s stock, valued at approximately $ 1,235,000. Fifth Third Bancorp makes up approximately 0.8% of City State Bank’s portfolio, making the stock its 28th largest holding.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $ 282,824,000. Norges Bank bought a new position in Fifth Third Bancorp during the fourth quarter worth about $ 251,003,000. Millennium Management LLC grew its holdings in Fifth Third Bancorp by 5,766.7% during the fourth quarter. Millennium Management LLC now owns 1,913,415 shares of the financial services provider’s stock worth $ 83,329,000 after purchasing an additional 1,880,800 shares during the period. Alliancebernstein LP boosted its holdings in shares of Fifth Third Bancorp by 11.2% during the fourth quarter. Alliancebernstein LP now owns 8,084,127 shares of the financial services provider’s stock worth $ 352,064,000 after acquiring an additional 811,685 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Fifth Third Bancorp by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 13,353,444 shares of the financial services provider’s stock worth $ 580,122,000 after acquiring an additional 636,018 shares during the period. Institutional investors own 81.00% of the company stock.
NASDAQ FITB opened at $ 34.37 on Wednesday. The firm’s fifty day moving average price is $ 37.48 and its two-hundred day moving average price is $ 42.69. The stock has a market cap of $ 23.50 billion, a PE ratio of 9.85, a PEG ratio of 1.13 and a beta of 1.30. Fifth Third Bancorp has a fifty-two week low of $ 33.00 and a fifty-two week high of $ 50.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.80 and a current ratio of 0.81.
Fifth Third Bancorp (NASDAQ: FITB – Get Rating) last issued its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $ 0.69 earnings per share for the quarter, missing the consensus estimate of $ 0.70 by ($ 0.01). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. The business had revenue of $ 1.88 billion during the quarter, compared to the consensus estimate of $ 1.94 billion. During the same period in the prior year, the firm earned $ 0.93 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a $ 0.30 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $ 1.20 annualized dividend and a dividend yield of 3.49%. Fifth Third Bancorp’s dividend payout ratio is 34.38%.
A number of equities research analysts have recently weighed in on the stock. Bank of America lifted their price target on shares of Fifth Third Bancorp from $ 44.00 to $ 46.00 and gave the company a “buy” rating in a research report on Wednesday, April 20th. Wells Fargo & Company upgraded shares of Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $ 52.00 price target for the company in a research report on Thursday, April 28th. Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $ 44.00 price target for the company in a research report on Friday, June 17th. Wedbush lifted their price target on shares of Fifth Third Bancorp to $ 48.00 and gave the company a “na” rating in a research report on Tuesday, May 17th. Finally, Wolfe Research lowered their price objective on shares of Fifth Third Bancorp from $ 47.00 to $ 37.00 and set a “peer perform” rating for the company in a research report on Thursday, May 26th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $ 48.36.
In related news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $ 36.93, for a total value of $ 92,325.00. Following the sale, the executive vice president now owns 45,844 shares of the company stock, valued at $ 1,693,018.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Greg D. Carmichael sold 50,000 shares of the company stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $ 40.05, for a total transaction of $ 2,002,500.00. Following the sale, the chief executive officer now directly owns 644,745 shares in the company, valued at approximately $ 25,822,037.25. The disclosure for this sale can be found here. Insiders own 0.67% of the company stock.
Fifth Third Bancorp Profile: (Get Rating)
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company 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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