Bridgewater Associates LP Buys 62,668 Shares of Fifth Third Bancorp (FITB)

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Bridgewater Associates LP raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 205.4% during the 2nd quarter, Holdings Channel reports. The firm owned 93,173 shares of the financial services provider’s stock after acquiring an additional 62,668 shares during the quarter. Bridgewater Associates LP’s holdings in Fifth Third Bancorp were worth $2,674,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FITB. BlackRock Inc. boosted its stake in Fifth Third Bancorp by 5.9% during the 2nd quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock valued at $1,390,661,000 after purchasing an additional 2,718,504 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Fifth Third Bancorp by 119.9% during the 2nd quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after purchasing an additional 2,658,672 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Fifth Third Bancorp by 531.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 2,434,995 shares of the financial services provider’s stock valued at $77,312,000 after purchasing an additional 2,049,422 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at $51,774,000. Finally, Schroder Investment Management Group boosted its stake in Fifth Third Bancorp by 239.3% during the 1st quarter. Schroder Investment Management Group now owns 2,019,906 shares of the financial services provider’s stock valued at $64,132,000 after purchasing an additional 1,424,674 shares during the last quarter. Institutional investors and hedge funds own 83.91% of the company’s stock.

Several brokerages have commented on FITB. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and set a $37.00 target price on the stock in a research note on Monday, May 28th. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, May 28th. Argus began coverage on Fifth Third Bancorp in a research note on Thursday, June 14th. They set a “buy” rating and a $36.00 target price on the stock. Nomura downgraded Fifth Third Bancorp from a “neutral” rating to a “reduce” rating and set a $36.00 target price on the stock. in a research note on Monday, May 21st. Finally, FIG Partners downgraded Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a research note on Monday, May 21st. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $32.18.

FITB stock opened at $29.50 on Friday. The firm has a market capitalization of $19.66 billion, a PE ratio of 11.01, a PEG ratio of 1.63 and a beta of 1.25. 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 0.96.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.06. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. During the same period last year, the business posted $0.45 EPS. equities research analysts expect that Fifth Third Bancorp will post 2.51 earnings per share for the current fiscal year.

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.

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Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB).

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

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