Principal Financial Group Inc. lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 464.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,518,977 shares of the financial services provider’s stock after purchasing an additional 5,365,031 shares during the period. Principal Financial Group Inc. owned about 0.92% of Fifth Third Bancorp worth $179,728,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in FITB. Clearview Wealth Advisors LLC purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $25,000. Chiron Capital Management LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $26,000. Patriot Financial Group Insurance Agency LLC increased its stake in Fifth Third Bancorp by 223.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 956 shares of the financial services provider’s stock worth $26,000 after buying an additional 660 shares during the period. West Oak Capital LLC purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $28,000. Finally, Clear Perspectives Financial Planning LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $38,000. 79.19% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on FITB shares. Argus raised their target price on shares of Fifth Third Bancorp from $27.00 to $35.00 in a report on Wednesday, January 27th. TheStreet downgraded shares of Fifth Third Bancorp from a “b” rating to a “c+” rating in a report on Thursday, January 21st. UBS Group downgraded shares of Fifth Third Bancorp from a “buy” rating to a “neutral” rating and set a $23.00 price target for the company. in a report on Friday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fifth Third Bancorp from $24.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, January 6th. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating and set a $29.00 price target for the company. in a report on Tuesday, December 8th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $29.14.
Shares of NASDAQ:FITB opened at $34.88 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $31.42 and a 200 day simple moving average of $25.58. The firm has a market cap of $24.85 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 1.54 and a beta of 1.63. Fifth Third Bancorp has a 12-month low of $11.10 and a 12-month high of $35.40.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Wednesday, January 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.14. Fifth Third Bancorp had a net margin of 17.50% and a return on equity of 7.52%. During the same period last year, the firm earned $0.68 earnings per share. As a group, equities research analysts forecast that Fifth Third Bancorp will post 1.91 EPS for the current fiscal year.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's 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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