Entropy Technologies LP Buys 18,751 Shares of Fifth Third Bancorp $FITB

Entropy Technologies LP lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 204.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,940 shares of the financial services provider’s stock after acquiring an additional 18,751 shares during the quarter. Entropy Technologies LP’s holdings in Fifth Third Bancorp were worth $1,298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Empirical Finance LLC boosted its holdings in Fifth Third Bancorp by 31.2% during the first quarter. Empirical Finance LLC now owns 30,556 shares of the financial services provider’s stock worth $1,420,000 after purchasing an additional 7,271 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Fifth Third Bancorp by 1,128.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 321,118 shares of the financial services provider’s stock valued at $14,919,000 after buying an additional 294,987 shares during the last quarter. Gabelli Funds LLC bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $3,885,000. Gamco Investors INC. ET AL boosted its stake in shares of Fifth Third Bancorp by 529.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 171,847 shares of the financial services provider’s stock worth $7,984,000 after buying an additional 144,566 shares during the last quarter. Finally, Morningstar Investment Management LLC grew its holdings in shares of Fifth Third Bancorp by 7.7% in the first quarter. Morningstar Investment Management LLC now owns 49,983 shares of the financial services provider’s stock valued at $2,322,000 after acquiring an additional 3,562 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on FITB shares. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price target for the company. Wolfe Research cut their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Bank of America raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, UBS Group lifted their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $60.49.

Fifth Third Bancorp Trading Down 0.7%

NASDAQ:FITB opened at $57.00 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $51.66 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The firm’s 50 day moving average is $54.15 and its 200 day moving average is $51.03. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the company posted $0.88 earnings per share. Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.