Tidal Investments LLC Raises Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Tidal Investments LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 10.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 24,952 shares of the financial services provider’s stock after purchasing an additional 2,265 shares during the period. Tidal Investments LLC’s holdings in Fifth Third Bancorp were worth $1,069,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FITB. Jupiter Asset Management Ltd. purchased a new stake in Fifth Third Bancorp in the second quarter valued at approximately $33,337,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of Fifth Third Bancorp during the third quarter worth approximately $28,490,000. Millennium Management LLC lifted its holdings in shares of Fifth Third Bancorp by 896.7% during the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after purchasing an additional 583,781 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its position in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after buying an additional 575,449 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $45.32.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 0.8 %

Shares of FITB stock opened at $42.26 on Friday. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 2.19 and a beta of 1.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average price of $45.66 and a 200 day moving average price of $41.83. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the firm earned $0.92 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. Research analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Fifth Third Bancorp 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.