Hicks Capital Management LLC Purchases New Position in Fifth Third Bancorp (NASDAQ:FITB)

Hicks Capital Management LLC acquired a new stake 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 (SEC). The fund acquired 17,184 shares of the financial services provider's stock, valued at approximately $674,000. Fifth Third Bancorp comprises 0.9% of Hicks Capital Management LLC's holdings, making the stock its 22nd biggest holding.

Several other hedge funds have also added to or reduced their stakes in the stock. Bartlett & CO. Wealth Management LLC raised its position in Fifth Third Bancorp by 14.7% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 45,540 shares of the financial services provider's stock worth $1,802,000 after buying an additional 5,845 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Fifth Third Bancorp by 4.1% during the first quarter. Diversified Trust Co now owns 10,294 shares of the financial services provider's stock valued at $404,000 after purchasing an additional 402 shares during the last quarter. Park Place Capital Corp bought a new position in Fifth Third Bancorp during the first quarter valued at approximately $82,000. PDS Planning Inc purchased a new stake in Fifth Third Bancorp in the first quarter worth approximately $207,000. Finally, HBK Sorce Advisory LLC raised its stake in Fifth Third Bancorp by 23.8% during the 1st quarter. HBK Sorce Advisory LLC now owns 38,226 shares of the financial services provider's stock valued at $1,498,000 after buying an additional 7,342 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Down 0.0%

Shares of Fifth Third Bancorp stock traded down $0.01 during trading on Monday, reaching $41.13. The company's stock had a trading volume of 5,466,769 shares, compared to its average volume of 4,567,028. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a 50-day simple moving average of $38.09 and a two-hundred day simple moving average of $40.08. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The company has a market cap of $27.45 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.43 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the prior year, the business posted $0.70 EPS. As a group, equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp announced that its board has approved a share buyback program on Monday, June 16th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.60%. Fifth Third Bancorp's payout ratio is presently 46.98%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent research reports. 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. Citigroup reduced their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. TD Cowen started 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 objective for the company. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 price objective for the company. Finally, Stephens reiterated an "equal weight" rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One equities research 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.53.

Fifth Third Bancorp 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.