First Citizens Bank & Trust Co. Lowers Stake in Fifth Third Bancorp (FITB)

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First Citizens Bank & Trust Co. lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 14.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 13,866 shares of the financial services provider’s stock after selling 2,345 shares during the period. First Citizens Bank & Trust Co.’s holdings in Fifth Third Bancorp were worth $398,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Fifth Third Bancorp by 79.7% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 732,251 shares of the financial services provider’s stock worth $22,216,000 after acquiring an additional 324,839 shares in the last quarter. Two Sigma Advisers LP bought a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $3,384,000. Glenmede Trust Co. NA raised its stake in shares of Fifth Third Bancorp by 5.3% during the 4th quarter. Glenmede Trust Co. NA now owns 1,660,065 shares of the financial services provider’s stock worth $50,365,000 after acquiring an additional 84,187 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Fifth Third Bancorp by 9.2% during the 4th quarter. Macquarie Group Ltd. now owns 451,500 shares of the financial services provider’s stock worth $13,788,000 after acquiring an additional 37,950 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in shares of Fifth Third Bancorp by 76.5% during the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 414,148 shares of the financial services provider’s stock worth $12,564,000 after acquiring an additional 179,459 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

FITB has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Wednesday, March 28th. Vining Sparks reiterated a “buy” rating and set a $37.00 price objective on shares of Fifth Third Bancorp in a research note on Friday, April 6th. BidaskClub lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 18th. Susquehanna Bancshares set a $36.00 price target on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research note on Tuesday, April 24th. Finally, Nomura upped their price target on shares of Fifth Third Bancorp from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Wednesday, April 25th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $32.07.

NASDAQ:FITB opened at $29.09 on Friday. The firm has a market capitalization of $20.27 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 1.51 and a beta of 1.29. Fifth Third Bancorp has a 1-year low of $24.66 and a 1-year high of $34.67. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.00.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, April 24th. The financial services provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.49. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.55 billion. Fifth Third Bancorp had a net margin of 30.14% and a return on equity of 10.45%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. research analysts predict that Fifth Third Bancorp will post 2.48 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 29th will be paid a $0.18 dividend. The ex-dividend date is Thursday, June 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.48%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.16. Fifth Third Bancorp’s dividend payout ratio is presently 26.87%.

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.

Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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