Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 291,188 shares of the financial services provider’s stock after acquiring an additional 21,612 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fifth Third Bancorp were worth $10,043,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of Fifth Third Bancorp by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 796,487 shares of the financial services provider’s stock worth $20,175,000 after acquiring an additional 9,792 shares during the period. California Public Employees Retirement System lifted its position in Fifth Third Bancorp by 0.9% in the third quarter. California Public Employees Retirement System now owns 1,305,954 shares of the financial services provider’s stock worth $33,080,000 after purchasing an additional 11,736 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in Fifth Third Bancorp by 6.3% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 17,580 shares of the financial services provider’s stock valued at $445,000 after purchasing an additional 1,038 shares in the last quarter. Signaturefd LLC increased its position in shares of Fifth Third Bancorp by 22.2% during the 3rd quarter. Signaturefd LLC now owns 14,319 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 2,599 shares during the period. Finally, Breakwater Capital Group bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth $203,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $37.59 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $25.71 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 2.63 and a beta of 1.24. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $39.14. The company has a 50-day simple moving average of $36.64 and a two-hundred day simple moving average of $34.01.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm posted $0.78 EPS. Analysts forecast that Fifth Third Bancorp will post 3.27 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a yield of 3.72%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FITB shares. Stephens reiterated an “equal weight” rating and issued a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. JPMorgan Chase & Co. raised shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and increased their target price for the company from $37.50 to $39.50 in a research note on Wednesday, May 1st. UBS Group restated a “neutral” rating and set a $39.00 target price (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $36.50.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $36.38, for a total value of $181,900.00. Following the sale, the executive vice president now owns 139,422 shares in the company, valued at approximately $5,072,172.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The disclosure for this sale can be found here. Insiders sold a total of 48,857 shares of company stock valued at $1,787,638 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

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.