Norges Bank purchased a new stake in shares of Fifth Third Bancorp (NASDAQ: FITB – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,763,555 shares of the financial services provider’s stock, valued at approximately $ 251,003,000. Norges Bank owned about 0.84% of Fifth Third Bancorp at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of FITB. Allspring Global Investments Holdings LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $ 282,824,000. Millennium Management LLC lifted its position in shares of Fifth Third Bancorp by 5,766.7% during the 4th quarter. Millennium Management LLC now owns 1,913,415 shares of the financial services provider’s stock valued at $ 83,329,000 after buying an additional 1,880,800 shares during the last quarter. Alliancebernstein LP lifted its position in shares of Fifth Third Bancorp by 11.2% during the 4th quarter. Alliancebernstein LP now owns 8,084,127 shares of the financial services provider’s stock valued at $ 352,064,000 after buying an additional 811,685 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 13,353,444 shares of the financial services provider’s stock valued at $ 580,122,000 after purchasing an additional 636,018 shares during the period. Finally, KBC Group NV raised its stake in shares of Fifth Third Bancorp by 67.4% during the 4th quarter. KBC Group NV now owns 1,487,536 shares of the financial services provider’s stock valued at $ 64,782,000 after purchasing an additional 598,807 shares during the period. 81.00% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the company. Wells Fargo & Company upgraded Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $ 52.00 price objective on the stock in a research note on Thursday, April 28th. Wedbush boosted their price objective on Fifth Third Bancorp to $ 48.00 and gave the company a “na” rating in a research note on Tuesday, May 17th. Bank of America boosted their price objective on Fifth Third Bancorp from $ 44.00 to $ 46.00 and gave the company a “buy” rating in a research note on Wednesday, April 20th. Citigroup reiterated a “neutral” rating on shares of Fifth Third Bancorp in a research note on Thursday, March 24th. Finally, Wolfe Research reduced their target price on Fifth Third Bancorp from $ 47.00 to $ 37.00 and set a “peer perform” rating on the stock in a research note on Thursday, May 26th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $ 48.36.
In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $ 36.93, for a total value of $ 92,325.00. Following the completion of the transaction, the executive vice president now owns 45,844 shares of the company stock, valued at approximately $ 1,693,018.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Greg D. Carmichael sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $ 40.05, for a total value of $ 2,002,500.00. Following the completion of the transaction, the chief executive officer now directly owns 644,745 shares of the company stock, valued at approximately $ 25,822,037.25. The disclosure for this sale can be found here. Corporate insiders own 0.67% of the company stock.
Shares of Fifth Third Bancorp stock opened at $ 34.00 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $ 23.25 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 1.13 and a beta of 1.30. The business’s 50-day moving average price is $ 37.59 and its 200-day moving average price is $ 42.75. Fifth Third Bancorp has a 12 month low of $ 33.00 and a 12 month high of $ 50.64.
Fifth Third Bancorp (NASDAQ: FITB – Get Rating) last issued its earnings results 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). The company had revenue of $ 1.88 billion for the quarter, compared to analysts’ expectations of $ 1.94 billion. Fifth Third Bancorp had a net margin of 31.14% and a return on equity of 12.99%. During the same quarter in the prior year, the company earned $ 0.93 earnings per share. As a group, analysts predict that Fifth Third Bancorp will post 3.64 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a dividend of $ 0.30 per share. This represents a $ 1.20 annualized dividend and a yield of 3.53%. The ex-dividend date is Wednesday, June 29th. Fifth Third Bancorp’s dividend payout ratio is presently 34.38%.
About Fifth Third Bancorp: (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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