Public Sector Pension Investment Board Increases Position in Fifth Third Bancorp (NASDAQ:FITB)

Public Sector Pension Investment Board grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 118,197 shares of the financial services provider’s stock after acquiring an additional 2,200 shares during the period. Public Sector Pension Investment Board’s holdings in Fifth Third Bancorp were worth $5,064,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FITB. Venturi Wealth Management LLC raised its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 3rd quarter worth about $39,000. American Capital Advisory LLC bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $34,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter valued at about $53,000. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on FITB shares. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Barclays increased their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $43.62.

Insiders Place Their Bets

In related news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 0.2 %

Shares of Fifth Third Bancorp stock opened at $48.06 on Monday. Fifth Third Bancorp has a 1-year low of $28.29 and a 1-year high of $49.07. The company’s fifty day simple moving average is $44.70 and its 200-day simple moving average is $41.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $32.23 billion, a PE ratio of 15.97, a P/E/G ratio of 2.30 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.08%. The ex-dividend date was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is 49.17%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.