1832 Asset Management L.P. Has $2.16 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

1832 Asset Management L.P. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,133 shares of the financial services provider’s stock after selling 8,451 shares during the quarter. 1832 Asset Management L.P.’s holdings in Fifth Third Bancorp were worth $2,163,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital World Investors raised its position in Fifth Third Bancorp by 13.4% in the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock worth $1,733,847,000 after purchasing an additional 5,512,333 shares in the last quarter. Capital International Sarl bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $245,000. Capital International Inc. CA boosted its stake in Fifth Third Bancorp by 22.4% in the 1st quarter. Capital International Inc. CA now owns 60,018 shares of the financial services provider’s stock valued at $2,233,000 after buying an additional 10,981 shares in the last quarter. EP Wealth Advisors LLC grew its position in Fifth Third Bancorp by 20.5% in the first quarter. EP Wealth Advisors LLC now owns 9,044 shares of the financial services provider’s stock valued at $337,000 after acquiring an additional 1,539 shares during the period. Finally, CreativeOne Wealth LLC lifted its holdings in shares of Fifth Third Bancorp by 54.0% during the first quarter. CreativeOne Wealth LLC now owns 22,282 shares of the financial services provider’s stock valued at $830,000 after acquiring an additional 7,814 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on FITB. Wolfe Research upgraded shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research report on Friday, May 31st. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Jefferies Financial Group raised their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. DA Davidson upped their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $37.50 to $39.50 in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $40.15.

Fifth Third Bancorp Trading Up 1.1 %

Shares of Fifth Third Bancorp stock traded up $0.44 during trading on Friday, hitting $42.27. 2,970,128 shares of the company were exchanged, compared to its average volume of 4,964,216. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $28.91 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 1.99 and a beta of 1.24. The firm’s fifty day moving average price is $37.39 and its 200 day moving average price is $36.16. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $42.31.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same quarter last year, the firm earned $0.87 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.35 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.31%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 44.44%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares in the company, valued at approximately $5,376,880. The disclosure for this sale can be found here. Insiders sold 37,000 shares of company stock valued at $1,523,670 over the last three months. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.