New York Life Investment Management LLC Acquires 710 Shares of Fifth Third Bancorp (NASDAQ:FITB)

New York Life Investment Management LLC lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,130 shares of the financial services provider’s stock after purchasing an additional 710 shares during the quarter. New York Life Investment Management LLC’s holdings in Fifth Third Bancorp were worth $3,660,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Searle & CO. bought a new position in Fifth Third Bancorp during the fourth quarter valued at about $5,692,000. Gibraltar Capital Management Inc. acquired a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $856,000. Savant Capital LLC boosted its position in Fifth Third Bancorp by 11.2% during the fourth quarter. Savant Capital LLC now owns 16,876 shares of the financial services provider’s stock worth $582,000 after purchasing an additional 1,706 shares during the period. Intrust Bank NA acquired a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $220,000. Finally, Gilbert & Cook Inc. raised its position in shares of Fifth Third Bancorp by 3.8% in the fourth quarter. Gilbert & Cook Inc. now owns 19,698 shares of the financial services provider’s stock valued at $679,000 after purchasing an additional 729 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.8 %

Shares of Fifth Third Bancorp stock opened at $37.56 on Friday. Fifth Third Bancorp has a 52-week low of $22.46 and a 52-week high of $37.77. The firm has a market capitalization of $25.58 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81. The company’s fifty day moving average price is $35.88 and its two-hundred day moving average price is $32.65.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same quarter in the previous year, the firm posted $0.78 earnings per share. On average, analysts expect that Fifth Third Bancorp will post 3.22 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.73%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 44.44%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. UBS Group reiterated a “neutral” rating and issued a $39.00 target price (down from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. Morgan Stanley reiterated an “equal weight” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Royal Bank of Canada increased their target price on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 22nd. Evercore ISI raised their target price on Fifth Third Bancorp from $37.00 to $40.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $36.50.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the sale, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kala Gibson sold 14,857 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the transaction, the executive vice president now owns 46,646 shares of the company’s stock, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. Insiders have sold a total of 48,857 shares of company stock valued at $1,787,638 in the last 90 days. 0.50% of the stock is owned by corporate insiders.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.