Quantitative Systematic Strategies LLC boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 127.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,309 shares of the financial services provider’s stock after acquiring an additional 47,844 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Fifth Third Bancorp were worth $2,151,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Retirement Systems of Alabama raised its holdings in Fifth Third Bancorp by 19.8% during the 1st quarter. Retirement Systems of Alabama now owns 368,049 shares of the financial services provider’s stock worth $9,282,000 after buying an additional 60,755 shares during the period. Louisiana State Employees Retirement System raised its holdings in Fifth Third Bancorp by 94.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 66,970 shares of the financial services provider’s stock worth $1,689,000 after buying an additional 32,570 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $880,000. Atwater Malick LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $263,000. Finally, Valeo Financial Advisors LLC raised its holdings in Fifth Third Bancorp by 70.7% during the 1st quarter. Valeo Financial Advisors LLC now owns 6,907 shares of the financial services provider’s stock worth $174,000 after buying an additional 2,860 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 26,000 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $26.37, for a total value of $685,620.00. Following the transaction, the executive vice president now owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.40% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, January 22nd. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. Fifth Third Bancorp had a return on equity of 12.34% and a net margin of 27.32%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Sell-side analysts predict that Fifth Third Bancorp will post 2.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.24%. The ex-dividend date is Thursday, March 28th. Fifth Third Bancorp’s payout ratio is 34.65%.
Several analysts have issued reports on the company. Wedbush restated an “outperform” rating on shares of Fifth Third Bancorp in a report on Thursday, March 14th. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, February 20th. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Tuesday, March 12th. ValuEngine upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, January 22nd. Finally, Vining Sparks reiterated a “buy” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $31.31.
Fifth Third Bancorp Profile
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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