Brooklyn Investment Group acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the third quarter, Holdings Channel.com reports. The fund acquired 2,836 shares of the financial services provider’s stock, valued at approximately $121,000.
A number of other institutional investors and hedge funds also recently modified their holdings of FITB. Jupiter Asset Management Ltd. acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $33,337,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Employees Retirement System of Texas lifted its holdings in shares of Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after purchasing an additional 399,900 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after purchasing an additional 399,827 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.
Fifth Third Bancorp Trading Down 0.2 %
Fifth Third Bancorp stock opened at $48.16 on Thursday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $32.29 billion, a price-to-earnings ratio of 16.00, a PEG ratio of 2.32 and a beta of 1.21. Fifth Third Bancorp has a one year low of $26.89 and a one year high of $49.07. The company’s fifty day moving average price is $44.52 and its two-hundred day moving average price is $40.92.
Fifth Third Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.
Insider Activity
In related news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on FITB. Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Morgan Stanley increased their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Barclays upped their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $43.62.
Check Out Our Latest Stock Analysis on Fifth Third Bancorp
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.
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