State Treasurer State of Michigan Sells 4,400 Shares of Fifth Third Bancorp (FITB)

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State Treasurer State of Michigan reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,504 shares of the financial services provider’s stock after selling 4,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Fifth Third Bancorp were worth $5,542,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FITB. Russell Investments Group Ltd. increased its stake in Fifth Third Bancorp by 16.6% in the third quarter. Russell Investments Group Ltd. now owns 1,801,464 shares of the financial services provider’s stock valued at $50,309,000 after purchasing an additional 256,575 shares during the last quarter. Alps Advisors Inc. increased its stake in Fifth Third Bancorp by 67.4% in the third quarter. Alps Advisors Inc. now owns 67,218 shares of the financial services provider’s stock valued at $1,877,000 after purchasing an additional 27,058 shares during the last quarter. Reinhart Partners Inc. increased its stake in Fifth Third Bancorp by 6.5% during the third quarter. Reinhart Partners Inc. now owns 590,970 shares of the financial services provider’s stock worth $16,500,000 after acquiring an additional 35,816 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Fifth Third Bancorp by 5.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,033,480 shares of the financial services provider’s stock worth $84,695,000 after acquiring an additional 143,732 shares during the last quarter. Finally, NuWave Investment Management LLC increased its stake in Fifth Third Bancorp by 22.8% during the third quarter. NuWave Investment Management LLC now owns 20,790 shares of the financial services provider’s stock worth $580,000 after acquiring an additional 3,857 shares during the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.

Shares of NASDAQ FITB opened at $26.63 on Tuesday. Fifth Third Bancorp has a 1-year low of $24.10 and a 1-year high of $34.67. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $17.28 billion, a PE ratio of 9.94, a P/E/G ratio of 1.44 and a beta of 1.27.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 23rd. The financial services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.01. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the business earned $1.35 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 2.51 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, September 27th. Fifth Third Bancorp’s payout ratio is 26.87%.

FITB has been the subject of several research analyst reports. BMO Capital Markets dropped their price target on Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating for the company in a research note on Monday, July 23rd. Vining Sparks restated a “buy” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a research note on Thursday, July 19th. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Monday, July 16th. Wedbush set a $34.00 price target on Fifth Third Bancorp and gave the stock a “buy” rating in a research note on Thursday, September 20th. Finally, Morgan Stanley dropped their price target on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.47.

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

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