Edgestream Partners L.P. Has $3.74 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Edgestream Partners L.P. lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 650.0% during the second quarter, Holdings Channel.com reports. The firm owned 102,444 shares of the financial services provider’s stock after buying an additional 88,784 shares during the period. Edgestream Partners L.P.’s holdings in Fifth Third Bancorp were worth $3,738,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FITB. Bailard Inc. raised its position in Fifth Third Bancorp by 0.5% in the 2nd quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock worth $1,885,000 after purchasing an additional 264 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of Fifth Third Bancorp by 2.0% in the 2nd quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock valued at $513,000 after buying an additional 278 shares during the period. SVB Wealth LLC raised its position in shares of Fifth Third Bancorp by 3.8% during the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 283 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Fifth Third Bancorp by 2.6% during the second quarter. Signaturefd LLC now owns 12,424 shares of the financial services provider’s stock valued at $453,000 after acquiring an additional 314 shares during the period. Finally, Lcnb Corp lifted its stake in shares of Fifth Third Bancorp by 1.7% during the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after acquiring an additional 319 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the transaction, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the sale, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jude Schramm sold 2,500 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares of the company’s stock, valued at $5,376,880. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $42.51 on Wednesday. The firm has a market cap of $29.08 billion, a P/E ratio of 13.50, a PEG ratio of 1.93 and a beta of 1.22. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $43.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50 day moving average price is $40.85 and its two-hundred day moving average price is $38.02.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the prior year, the firm posted $0.87 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.48%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FITB. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI dropped their price target on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Jefferies Financial Group upped their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada increased their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.56.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.