Fifth Third Bank (FITB) Shares Bought by OLD Mutual Customised Solutions Proprietary Ltd.

OLD Mutual Customised Solutions Proprietary Ltd. increased its stake in shares of Fifth Third Bank (NASDAQ:FITB) by 38.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,560 shares of the financial services provider’s stock after purchasing an additional 14,400 shares during the quarter. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in Fifth Third Bank were worth $1,564,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FITB. Altrinsic Global Advisors LLC increased its position in Fifth Third Bank by 6.3% in the 4th quarter. Altrinsic Global Advisors LLC now owns 26,581 shares of the financial services provider’s stock valued at $806,000 after acquiring an additional 1,581 shares during the period. Valeo Financial Advisors LLC increased its position in Fifth Third Bank by 40.7% in the 4th quarter. Valeo Financial Advisors LLC now owns 6,007 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 1,737 shares during the period. Creative Planning increased its position in Fifth Third Bank by 2.1% in the 4th quarter. Creative Planning now owns 88,715 shares of the financial services provider’s stock valued at $2,692,000 after acquiring an additional 1,793 shares during the period. Hermes Investment Management Ltd. increased its position in Fifth Third Bank by 5.0% in the 4th quarter. Hermes Investment Management Ltd. now owns 42,022 shares of the financial services provider’s stock valued at $1,275,000 after acquiring an additional 2,000 shares during the period. Finally, Wealthfront Inc. increased its position in Fifth Third Bank by 5.7% in the 4th quarter. Wealthfront Inc. now owns 43,351 shares of the financial services provider’s stock valued at $1,315,000 after acquiring an additional 2,347 shares during the period. Institutional investors and hedge funds own 84.57% of the company’s stock.

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FITB has been the subject of several recent research reports. Royal Bank of Canada restated a “buy” rating on shares of Fifth Third Bank in a research report on Sunday, December 10th. Zacks Investment Research cut shares of Fifth Third Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 12th. BMO Capital Markets restated a “hold” rating and issued a $32.00 price target on shares of Fifth Third Bank in a research report on Friday, December 8th. BidaskClub upgraded shares of Fifth Third Bank from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Finally, Morgan Stanley upped their price target on shares of Fifth Third Bank from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.89.

In related news, EVP Frank R. Forrest sold 4,836 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $31.90, for a total transaction of $154,268.40. Following the transaction, the executive vice president now directly owns 112,474 shares of the company’s stock, valued at $3,587,920.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Mark D. Hazel sold 7,500 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $32.81, for a total transaction of $246,075.00. Following the transaction, the senior vice president now directly owns 62,254 shares in the company, valued at $2,042,553.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,978 shares of company stock worth $6,033,127. 0.40% of the stock is owned by insiders.

Shares of Fifth Third Bank (FITB) opened at $32.30 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.90 and a quick ratio of 0.89. Fifth Third Bank has a 12 month low of $23.20 and a 12 month high of $34.57. The company has a market cap of $23,096.33, a price-to-earnings ratio of 11.34, a PEG ratio of 1.86 and a beta of 1.31.

Fifth Third Bank (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.05. Fifth Third Bank had a net margin of 27.08% and a return on equity of 9.65%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm posted $0.49 EPS. sell-side analysts anticipate that Fifth Third Bank will post 2.3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.98%. The ex-dividend date is Wednesday, March 28th. Fifth Third Bank’s dividend payout ratio is presently 22.46%.

Fifth Third Bank declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 27th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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Fifth Third Bank 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.

Institutional Ownership by Quarter for Fifth Third Bank (NASDAQ:FITB)

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