Manning & Napier Advisors LLC Has $9.99 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Manning & Napier Advisors LLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 6.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,886 shares of the financial services provider's stock after selling 18,370 shares during the period. Manning & Napier Advisors LLC's holdings in Fifth Third Bancorp were worth $9,992,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $29,000. BankPlus Trust Department acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $29,000. Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $33,000. REAP Financial Group LLC increased its stake in shares of Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after buying an additional 487 shares during the period. Finally, Grove Bank & Trust increased 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 buying an additional 335 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FITB shares. Morgan Stanley lowered their target price 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 lowered their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Barclays lowered their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.53.

Fifth Third Bancorp Stock Performance

FITB stock opened at $39.34 on Monday. The business's 50-day moving average price is $37.45 and its two-hundred day moving average price is $40.27. 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 firm has a market cap of $26.26 billion, a PE ratio of 12.49, a P/E/G ratio of 1.36 and a beta of 0.90. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-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 for the quarter, topping the consensus estimate of $0.70 by $0.03. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates 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 company posted $0.70 earnings per share. As a group, research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.76%. Fifth Third Bancorp's payout ratio is presently 46.98%.

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.

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