Bessemer Group Inc. Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Bessemer Group Inc. decreased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 67.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,202 shares of the financial services provider's stock after selling 86,336 shares during the period. Bessemer Group Inc.'s holdings in Fifth Third Bancorp were worth $1,654,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $29,000. HWG Holdings LP acquired a new position in Fifth Third Bancorp during the first quarter worth $27,000. REAP Financial Group LLC increased its position in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after buying an additional 487 shares during the last quarter. Grove Bank & Trust raised its stake in Fifth Third Bancorp by 60.7% in the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares during the period. Finally, Ethos Financial Group LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $39,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FITB shares. Keefe, Bruyette & Woods reduced their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. decreased their target price on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $47.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

Fifth Third Bancorp Trading Up 1.5%

Shares of NASDAQ:FITB traded up $0.65 on Wednesday, reaching $43.09. 2,898,227 shares of the company traded hands, compared to its average volume of 4,900,063. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The business's 50-day simple moving average is $38.40 and its 200 day simple moving average is $40.07. The stock has a market capitalization of $28.76 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.42 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same period last year, the firm earned $0.70 earnings per share. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 46.98%.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase plan on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.