Meeder Asset Management Inc. lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 47.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,419 shares of the financial services provider’s stock after buying an additional 80,796 shares during the quarter. Meeder Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $6,340,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in FITB. FMR LLC grew its position in Fifth Third Bancorp by 0.8% during the 3rd quarter. FMR LLC now owns 1,097,677 shares of the financial services provider’s stock valued at $30,647,000 after purchasing an additional 8,195 shares during the last quarter. First Republic Investment Management Inc. grew its position in Fifth Third Bancorp by 11.2% during the 3rd quarter. First Republic Investment Management Inc. now owns 47,633 shares of the financial services provider’s stock valued at $1,330,000 after purchasing an additional 4,800 shares during the last quarter. Pacer Advisors Inc. grew its position in Fifth Third Bancorp by 13.6% during the 3rd quarter. Pacer Advisors Inc. now owns 37,070 shares of the financial services provider’s stock valued at $1,035,000 after purchasing an additional 4,439 shares during the last quarter. Man Group plc grew its position in Fifth Third Bancorp by 84.0% during the 3rd quarter. Man Group plc now owns 436,843 shares of the financial services provider’s stock valued at $12,197,000 after purchasing an additional 199,427 shares during the last quarter. Finally, Putnam Investments LLC grew its position in Fifth Third Bancorp by 0.3% during the 3rd quarter. Putnam Investments LLC now owns 741,866 shares of the financial services provider’s stock valued at $20,713,000 after purchasing an additional 2,344 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.
In other news, EVP Frank R. Forrest sold 26,000 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $26.37, for a total value of $685,620.00. Following the transaction, the executive vice president now owns 62,974 shares in the company, valued at approximately $1,660,624.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by corporate insiders.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, January 22nd. The financial services provider reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.02. Fifth Third Bancorp had a net margin of 27.32% and a return on equity of 12.34%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business earned $0.48 EPS. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 2.79 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Thursday, March 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 34.65%.
FITB has been the topic of several recent analyst reports. ValuEngine raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. BidaskClub raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Bank of America set a $29.00 price objective on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research report on Wednesday, January 23rd. Raymond James set a $30.00 price target on shares of Fifth Third Bancorp and gave the company a “buy” rating in a report on Wednesday, January 23rd. Finally, Vining Sparks reaffirmed a “buy” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.31.
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About Fifth Third Bancorp
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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