ING Groep NV increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 50.6% during the second quarter, Holdings Channel reports. The institutional investor owned 27,086 shares of the financial services provider’s stock after buying an additional 9,100 shares during the period. ING Groep NV’s holdings in Fifth Third Bancorp were worth $476,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Ngam Advisors L.P. raised its stake in shares of Fifth Third Bancorp by 45.7% in the first quarter. Ngam Advisors L.P. now owns 199,013 shares of the financial services provider’s stock valued at $3,322,000 after buying an additional 62,384 shares in the last quarter. BlackRock Group LTD increased its position in Fifth Third Bancorp by 1.4% in the first quarter. BlackRock Group LTD now owns 6,582,956 shares of the financial services provider’s stock valued at $109,869,000 after buying an additional 94,050 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Fifth Third Bancorp by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 20,366,757 shares of the financial services provider’s stock valued at $339,921,000 after buying an additional 81,851 shares during the last quarter. Sentry Investment Management LLC increased its position in Fifth Third Bancorp by 5.5% in the first quarter. Sentry Investment Management LLC now owns 60,048 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 3,120 shares during the last quarter. Finally, Acrospire Investment Management LLC acquired a new position in Fifth Third Bancorp during the first quarter valued at $112,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.05% during mid-day trading on Monday, reaching $20.68. 6,503,817 shares of the company traded hands. The stock has a market capitalization of $15.85 billion, a PE ratio of 10.07 and a beta of 1.33. The firm has a 50 day moving average of $20.25 and a 200-day moving average of $18.61. Fifth Third Bancorp has a 52 week low of $13.84 and a 52 week high of $21.14.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same period in the prior year, the firm earned $0.36 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post $1.60 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 annualized dividend and a dividend yield of 2.51%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 25.49%.
Several equities analysts have recently weighed in on the stock. Credit Agricole SA lifted their target price on shares of Fifth Third Bancorp from $19.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, September 23rd. Compass Point upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a research note on Thursday, September 22nd. Wedbush assumed coverage on shares of Fifth Third Bancorp in a research note on Thursday. They issued a “neutral” rating and a $22.00 target price for the company. Jefferies Group downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating and lifted their target price for the stock from $19.50 to $22.00 in a research note on Friday. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $20.64.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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