Twinbeech Capital LP Invests $612,000 in Fifth Third Bancorp (NASDAQ:FITB)

Twinbeech Capital LP purchased a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,482 shares of the financial services provider's stock, valued at approximately $612,000.

A number of other hedge funds also recently modified their holdings of the stock. Valley National Advisers Inc. raised its position in shares of Fifth Third Bancorp by 3.6% in the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider's stock worth $285,000 after buying an additional 236 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Fifth Third Bancorp by 4.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock worth $231,000 after purchasing an additional 246 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in Fifth Third Bancorp by 16.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider's stock worth $79,000 after buying an additional 261 shares during the period. Howard Capital Management Inc. grew its holdings in shares of Fifth Third Bancorp by 5.6% during the 4th quarter. Howard Capital Management Inc. now owns 5,170 shares of the financial services provider's stock worth $219,000 after acquiring an additional 274 shares during the period. Finally, Pinnacle Financial Partners Inc increased its stake in shares of Fifth Third Bancorp by 3.3% during the fourth quarter. Pinnacle Financial Partners Inc now owns 8,653 shares of the financial services provider's stock valued at $366,000 after purchasing an additional 276 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FITB. Keefe, Bruyette & Woods lowered their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock 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 objective on the stock. JPMorgan Chase & Co. decreased their target price on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Barclays reduced their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $46.78.

Fifth Third Bancorp Trading Up 2.2%

Shares of NASDAQ:FITB traded up $0.81 during trading on Tuesday, reaching $38.01. The company's stock had a trading volume of 1,667,454 shares, compared to its average volume of 4,843,851. The firm's 50 day simple moving average is $36.87 and its two-hundred day simple moving average is $41.44. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a market capitalization of $25.37 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.03. The firm 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 14.10% and a net margin of 17.43%. During the same quarter in the previous year, the company posted $0.70 EPS. On average, research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's payout ratio is currently 46.98%.

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.