Strategy Asset Managers LLC Invests $344,000 in Fifth Third Bancorp (NASDAQ:FITB)

Strategy Asset Managers LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,985 shares of the financial services provider’s stock, valued at approximately $344,000.

Several other large investors also recently bought and sold shares of the company. State Street Corp increased its stake in Fifth Third Bancorp by 0.5% in the 4th quarter. State Street Corp now owns 34,779,315 shares of the financial services provider’s stock worth $1,524,992,000 after buying an additional 173,863 shares in the last quarter. Bank of America Corp DE increased its stake in Fifth Third Bancorp by 1.1% in the 4th quarter. Bank of America Corp DE now owns 26,378,020 shares of the financial services provider’s stock worth $1,148,763,000 after buying an additional 282,498 shares in the last quarter. Geode Capital Management LLC increased its stake in Fifth Third Bancorp by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 13,353,444 shares of the financial services provider’s stock worth $580,122,000 after buying an additional 636,018 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,470,961 shares of the financial services provider’s stock worth $456,011,000 after buying an additional 208,997 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Fifth Third Bancorp by 11.2% in the 4th quarter. Alliancebernstein L.P. now owns 8,084,127 shares of the financial services provider’s stock worth $352,064,000 after buying an additional 811,685 shares in the last quarter. Hedge funds and other institutional investors own 81.00% of the company’s stock.

FITB has been the subject of several research reports. StockNews.com initiated coverage on shares of Fifth Third Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. Wells Fargo & Company raised shares of Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $52.00 price objective for the company in a report on Thursday, April 28th. Bank of America increased their price target on shares of Fifth Third Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, April 20th. Citigroup reaffirmed a “neutral” rating on shares of Fifth Third Bancorp in a report on Thursday, March 24th. Finally, Wolfe Research lowered their price target on shares of Fifth Third Bancorp from $47.00 to $37.00 and set a “peer perform” rating for the company in a report on Thursday, May 26th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.36.

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $36.93, for a total value of $92,325.00. Following the completion of the sale, the executive vice president now directly owns 45,844 shares in the company, valued at $1,693,018.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Greg D. Carmichael sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 21st. The shares were sold at an average price of $40.05, for a total transaction of $2,002,500.00. Following the completion of the sale, the chief executive officer now owns 644,745 shares of the company’s stock, valued at $25,822,037.25. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

Shares of NASDAQ:FITB opened at $34.46 on Thursday. The firm has a market cap of $23.56 billion, a PE ratio of 9.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.30. The firm’s 50 day simple moving average is $37.38 and its 200-day simple moving average is $42.64. Fifth Third Bancorp has a one year low of $33.00 and a one year high of $50.64. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.80 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last issued its earnings results on Tuesday, April 19th. The financial services provider reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). The company had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. During the same period last year, the business posted $0.93 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.64 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Wednesday, June 29th. Fifth Third Bancorp’s payout ratio is 34.38%.

Fifth Third Bancorp Company Profile (Get Rating)

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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