Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 76.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 414,148 shares of the financial services provider’s stock after purchasing an additional 179,459 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned about 0.06% of Fifth Third Bancorp worth $12,564,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Sanders Capital LLC boosted its position in Fifth Third Bancorp by 1.1% during the fourth quarter. Sanders Capital LLC now owns 13,300,838 shares of the financial services provider’s stock worth $428,100,000 after purchasing an additional 148,300 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Fifth Third Bancorp by 0.9% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,370,533 shares of the financial services provider’s stock valued at $206,228,000 after acquiring an additional 68,086 shares during the period. Wells Fargo & Company MN boosted its position in shares of Fifth Third Bancorp by 4.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,281,010 shares of the financial services provider’s stock valued at $190,564,000 after acquiring an additional 256,235 shares during the period. Legal & General Group Plc boosted its position in shares of Fifth Third Bancorp by 1.8% in the third quarter. Legal & General Group Plc now owns 3,942,017 shares of the financial services provider’s stock valued at $110,295,000 after acquiring an additional 71,404 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Fifth Third Bancorp by 93.2% in the fourth quarter. First Trust Advisors LP now owns 3,726,358 shares of the financial services provider’s stock valued at $113,058,000 after acquiring an additional 1,797,343 shares during the period. 83.82% of the stock is owned by hedge funds and other institutional investors.
Fifth Third Bancorp (NASDAQ:FITB) opened at $33.72 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $23,096.33, a price-to-earnings ratio of 11.83, a P/E/G ratio of 1.86 and a beta of 1.31. Fifth Third Bancorp has a 12 month low of $23.20 and a 12 month high of $34.57.
Fifth Third Bancorp declared that its board has initiated a stock repurchase program on Tuesday, February 27th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.90%. Fifth Third Bancorp’s payout ratio is 22.46%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 4,836 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $154,268.40. Following the completion of the transaction, the executive vice president now directly owns 112,474 shares in the company, valued at $3,587,920.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Emerson L. Brumback sold 3,000 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $33.44, for a total value of $100,320.00. Following the transaction, the director now owns 53,143 shares of the company’s stock, valued at $1,777,101.92. The disclosure for this sale can be found here. Insiders sold 179,410 shares of company stock valued at $5,879,506 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently weighed in on the company. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. BMO Capital Markets reissued a “hold” rating and issued a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, December 8th. Zacks Investment Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 12th. Oppenheimer reissued a “hold” rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Fifth Third Bancorp in a research report on Sunday, December 10th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $30.70.
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Fifth Third Bancorp Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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