Amalgamated Bank lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 171,546 shares of the financial services provider’s stock after selling 12,752 shares during the period. Amalgamated Bank’s holdings in Fifth Third Bancorp were worth $7,383,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. First Foundation Advisors bought a new position in Fifth Third Bancorp in the first quarter worth about $202,000. Metis Global Partners LLC lifted its holdings in Fifth Third Bancorp by 79.4% in the first quarter. Metis Global Partners LLC now owns 10,818 shares of the financial services provider’s stock worth $466,000 after acquiring an additional 4,787 shares during the last quarter. AlphaCrest Capital Management LLC lifted its holdings in Fifth Third Bancorp by 98.2% in the first quarter. AlphaCrest Capital Management LLC now owns 70,365 shares of the financial services provider’s stock worth $3,029,000 after acquiring an additional 34,861 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Fifth Third Bancorp in the first quarter worth about $533,000. Finally, Graham Capital Management L.P. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $1,358,000. Institutional investors own 81.33% of the company’s stock.
Insider Buying and Selling
In related news, Director Mitchell Feiger sold 8,734 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $35.20, for a total value of $307,436.80. Following the completion of the transaction, the director now owns 11,030 shares of the company’s stock, valued at approximately $388,256. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.
Fifth Third Bancorp Trading Down 2.1 %
Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.11). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 29.09%. During the same quarter last year, the business posted $0.94 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 3.54 EPS for the current fiscal year.
Fifth Third Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.33 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, September 29th. This represents a $1.32 annualized dividend and a yield of 3.77%. Fifth Third Bancorp’s payout ratio is 36.25%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price target on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating on the stock in a report on Tuesday, May 31st. Wolfe Research cut their price target on Fifth Third Bancorp from $47.00 to $37.00 and set a “peer perform” rating on the stock in a report on Thursday, May 26th. Robert W. Baird raised Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 price target on the stock in a report on Friday, June 17th. Jefferies Financial Group cut their price target on Fifth Third Bancorp from $47.00 to $39.00 in a report on Monday, July 11th. Finally, Wells Fargo & Company cut their price target on Fifth Third Bancorp from $52.00 to $43.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.47.
Fifth Third Bancorp Company 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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