Heartland Bank & Trust Co Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Heartland Bank & Trust Co purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 25,782 shares of the financial services provider's stock, valued at approximately $1,011,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FITB. Quarry LP purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $29,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp in the 4th quarter valued at about $29,000. Midwest Capital Advisors LLC purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $33,000. REAP Financial Group LLC lifted its position in Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust grew its stake in shares of 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 purchasing an additional 335 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

FITB opened at $39.34 on Friday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market cap of $26.26 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.36 and a beta of 0.90. The stock's 50 day simple moving average is $37.45 and its 200 day simple moving average is $40.32. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. During the same period in the previous year, the business 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.37 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.76%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FITB shares. Morgan Stanley cut their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods cut their price objective on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price for the company in a research note on Monday, April 7th. Cowen initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

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.

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