Quadrant Capital Group LLC decreased its position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 5.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,261 shares of the financial services provider’s stock after selling 1,199 shares during the quarter. Quadrant Capital Group LLC’s holdings in Fifth Third Bancorp were worth $505,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. Interval Partners LP acquired a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $5,062,000. New Mexico Educational Retirement Board raised its stake in Fifth Third Bancorp by 4.4% during the second quarter. New Mexico Educational Retirement Board now owns 33,180 shares of the financial services provider’s stock worth $870,000 after acquiring an additional 1,400 shares in the last quarter. Sei Investments Co. raised its stake in Fifth Third Bancorp by 211.9% during the first quarter. Sei Investments Co. now owns 613,099 shares of the financial services provider’s stock worth $16,334,000 after acquiring an additional 416,553 shares in the last quarter. St. Johns Investment Management Company LLC raised its stake in Fifth Third Bancorp by 2.5% during the second quarter. St. Johns Investment Management Company LLC now owns 24,145 shares of the financial services provider’s stock worth $633,000 after acquiring an additional 596 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Fifth Third Bancorp by 1.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 73,712 shares of the financial services provider’s stock worth $1,964,000 after acquiring an additional 1,401 shares in the last quarter. Institutional investors own 77.96% of the company’s stock.
Insiders Place Their Bets
In related news, Director C. Bryan Daniels bought 64,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 30th. The shares were purchased at an average price of $23.31 per share, for a total transaction of $1,503,495.00. Following the completion of the acquisition, the director now owns 325,278 shares in the company, valued at $7,582,230.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.66% of the company’s stock.
Fifth Third Bancorp Price Performance
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.09. Fifth Third Bancorp had a return on equity of 16.99% and a net margin of 21.20%. The firm had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the business earned $0.93 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.51 earnings per share for the current year.
Fifth Third Bancorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Saturday, September 30th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.40 dividend on an annualized basis and a yield of 5.08%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.33. Fifth Third Bancorp’s dividend payout ratio (DPR) is 39.77%.
Wall Street Analyst Weigh In
Several research analysts have issued reports on FITB shares. Wedbush increased their price objective on Fifth Third Bancorp from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, July 21st. Royal Bank of Canada dropped their price objective on Fifth Third Bancorp from $34.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, October 20th. Citigroup restated a “neutral” rating and set a $31.00 target price on shares of Fifth Third Bancorp in a report on Monday, September 18th. Stephens restated an “overweight” rating and set a $31.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 21st. Finally, Bank of America increased their target price on Fifth Third Bancorp from $30.00 to $33.00 in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.03.
Fifth Third Bancorp Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. 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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