Tobam Purchases 15,596 Shares of Fifth Third Bancorp $FITB

Tobam increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1,583.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 16,581 shares of the financial services provider’s stock after acquiring an additional 15,596 shares during the quarter. Tobam’s holdings in Fifth Third Bancorp were worth $776,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after acquiring an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after acquiring an additional 10,444,799 shares during the last quarter. Capital World Investors grew its holdings in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares in the last quarter. State Street Corp grew its holdings in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after purchasing an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after purchasing an additional 530,489 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ FITB opened at $52.82 on Friday. The firm has a market cap of $47.87 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a 1-year low of $38.91 and a 1-year high of $55.44. The stock has a 50-day moving average of $50.35 and a 200-day moving average of $49.22. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period last year, the company earned $0.71 EPS. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FITB shares. Stephens started coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Morgan Stanley decreased their price target on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Royal Bank Of Canada restated an “outperform” rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Finally, Wolfe Research reduced their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.34.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is currently owned by company insiders.

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.