Fifth Third Bancorp (NASDAQ:FITB) Holdings Lifted by Edgestream Partners L.P.

Edgestream Partners L.P. increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 650.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,444 shares of the financial services provider’s stock after acquiring an additional 88,784 shares during the period. Edgestream Partners L.P.’s holdings in Fifth Third Bancorp were worth $3,738,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Bailard Inc. boosted its holdings in shares of Fifth Third Bancorp by 0.5% during the second quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock worth $1,885,000 after purchasing an additional 264 shares during the period. Ballentine Partners LLC grew its holdings in shares of Fifth Third Bancorp by 2.0% during the 2nd quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock valued at $513,000 after acquiring an additional 278 shares in the last quarter. SVB Wealth LLC increased its stake in shares of Fifth Third Bancorp by 3.8% in the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 283 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Fifth Third Bancorp by 2.6% during the second quarter. Signaturefd LLC now owns 12,424 shares of the financial services provider’s stock worth $453,000 after acquiring an additional 314 shares in the last quarter. Finally, Lcnb Corp boosted its position in Fifth Third Bancorp by 1.7% during the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 319 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the sale, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the sale, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FITB shares. Royal Bank of Canada raised their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Evercore ISI reduced their target price on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price for the company in a research report on Friday, May 31st. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.56.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $42.51 on Wednesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day moving average is $40.85 and its 200-day moving average is $38.02. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $43.01. The company has a market cap of $29.08 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 1.93 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the company earned $0.87 EPS. Equities research analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.37 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.48%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

About Fifth Third Bancorp

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.