Glenmede Trust Co. NA Grows Position in Fifth Third Bancorp $FITB

Glenmede Trust Co. NA boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 36.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,692 shares of the financial services provider’s stock after acquiring an additional 11,755 shares during the quarter. Glenmede Trust Co. NA’s holdings in Fifth Third Bancorp were worth $2,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Capital World Investors grew its stake in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares in the last quarter. State Street Corp grew its stake in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after purchasing an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Fifth Third Bancorp by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after buying an additional 530,489 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. UBS Group raised their price target on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada increased their price objective on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $60.54.

Fifth Third Bancorp Stock Down 0.4%

Fifth Third Bancorp stock opened at $57.56 on Thursday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The stock has a 50 day moving average of $55.26 and a two-hundred day moving average of $51.44. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $52.17 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is currently 54.61%.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.