Rhumbline Advisers Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Rhumbline Advisers raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 7.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,400,065 shares of the financial services provider's stock after acquiring an additional 99,901 shares during the period. Rhumbline Advisers owned approximately 0.21% of Fifth Third Bancorp worth $54,882,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at $371,836,000. PL Capital Advisors LLC lifted its stake in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock valued at $78,654,000 after buying an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $53,508,000. GAMMA Investing LLC increased its position in shares of Fifth Third Bancorp by 4,271.4% during the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after acquiring an additional 1,175,834 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after purchasing an additional 1,027,044 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded down $0.44 during midday trading on Wednesday, hitting $38.45. The company's stock had a trading volume of 2,191,752 shares, compared to its average volume of 4,497,690. The firm has a market capitalization of $25.67 billion, a price-to-earnings ratio of 12.25, a P/E/G ratio of 1.42 and a beta of 0.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $36.67 and a 200 day moving average price of $41.10. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

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 14.10% and a net margin of 17.43%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's payout ratio is 46.98%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FITB shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Truist Financial cut their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company lowered their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, April 21st. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. Finally, Baird R W raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $47.00.

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.