Quantitative Systematic Strategies LLC Acquires 47,844 Shares of Fifth Third Bancorp (FITB)
Quantitative Systematic Strategies LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 127.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,309 shares of the financial services provider’s stock after purchasing an additional 47,844 shares during the period. Quantitative Systematic Strategies LLC’s holdings in Fifth Third Bancorp were worth $2,151,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of FITB. Retirement Systems of Alabama raised its position in Fifth Third Bancorp by 19.8% during the 1st quarter. Retirement Systems of Alabama now owns 368,049 shares of the financial services provider’s stock worth $9,282,000 after buying an additional 60,755 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Fifth Third Bancorp by 94.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 66,970 shares of the financial services provider’s stock worth $1,689,000 after buying an additional 32,570 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Fifth Third Bancorp during the 1st quarter worth $880,000. Atwater Malick LLC purchased a new position in Fifth Third Bancorp during the 1st quarter worth $263,000. Finally, Valeo Financial Advisors LLC raised its position in Fifth Third Bancorp by 70.7% during the 1st quarter. Valeo Financial Advisors LLC now owns 6,907 shares of the financial services provider’s stock worth $174,000 after buying an additional 2,860 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.
NASDAQ:FITB traded down $0.53 during mid-day trading on Monday, hitting $27.13. 5,723,480 shares of the company’s stock traded hands, compared to its average volume of 7,604,488. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.97. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $34.67. The company has a market capitalization of $17.49 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 1.25 and a beta of 1.32.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, March 28th. This represents a $0.88 annualized dividend and a dividend yield of 3.24%. Fifth Third Bancorp’s dividend payout ratio is currently 34.65%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 26,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $26.37, for a total transaction of $685,620.00. Following the sale, the executive vice president now directly owns 62,974 shares of the company’s stock, valued at approximately $1,660,624.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by company insiders.
A number of brokerages have commented on FITB. Sandler O’Neill upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. BidaskClub downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, March 12th. Keefe, Bruyette & Woods upgraded shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price target for the company in a report on Thursday, April 4th. Finally, ValuEngine downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $31.31.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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