Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Twin Capital Management Inc.

Twin Capital Management Inc. boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 107.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,454 shares of the financial services provider's stock after acquiring an additional 14,724 shares during the period. Twin Capital Management Inc.'s holdings in Fifth Third Bancorp were worth $1,115,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Formidable Asset Management LLC raised its position in Fifth Third Bancorp by 11.0% in the 1st quarter. Formidable Asset Management LLC now owns 18,209 shares of the financial services provider's stock valued at $714,000 after purchasing an additional 1,803 shares during the last quarter. Commerzbank Aktiengesellschaft FI acquired a new position in Fifth Third Bancorp in the first quarter valued at $607,000. Kingsview Wealth Management LLC increased its stake in Fifth Third Bancorp by 6.5% in the first quarter. Kingsview Wealth Management LLC now owns 17,919 shares of the financial services provider's stock valued at $702,000 after purchasing an additional 1,094 shares during the period. Woodward Diversified Capital LLC increased its stake in Fifth Third Bancorp by 7.4% in the first quarter. Woodward Diversified Capital LLC now owns 7,582 shares of the financial services provider's stock valued at $297,000 after purchasing an additional 520 shares during the period. Finally, Cullen Frost Bankers Inc. increased its stake in Fifth Third Bancorp by 22.9% in the first quarter. Cullen Frost Bankers Inc. now owns 4,014 shares of the financial services provider's stock valued at $157,000 after purchasing an additional 747 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $43.03 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a fifty day moving average price of $40.21 and a two-hundred day moving average price of $40.07. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The firm has a market capitalization of $28.72 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.40 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.31% and a net margin of 17.97%. During the same quarter last year, the business earned $0.70 earnings per share. As a group, analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp declared that its board has authorized a stock buyback 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 reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.44%. Fifth Third Bancorp's payout ratio is currently 45.96%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FITB shares. DA Davidson upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and raised their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Wells Fargo & Company boosted their price target 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. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $47.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

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.

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