Twinbeech Capital LP Acquires New Stake in Fifth Third Bancorp (NASDAQ:FITB)

Twinbeech Capital LP acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,482 shares of the financial services provider's stock, valued at approximately $612,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the 4th quarter valued at about $28,000. BankPlus Trust Department acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Quarry LP acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Midwest Capital Advisors LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter valued at about $33,000. Finally, Y.D. More Investments Ltd boosted its stake in shares of Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 449 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock traded down $0.24 during midday trading on Wednesday, reaching $37.90. The company had a trading volume of 809,907 shares, compared to its average volume of 4,488,817. The company has a market capitalization of $25.30 billion, a price-to-earnings ratio of 12.04, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a 50 day moving average price of $36.84 and a 200-day moving average price of $41.41.

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 analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the prior year, the firm posted $0.70 EPS. Equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's payout ratio is presently 46.98%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price for the company in a report on Monday, April 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. TD Cowen started coverage on 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. Finally, Morgan Stanley dropped their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.78.

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.