58,441 Shares in Fifth Third Bancorp (NASDAQ:FITB) Purchased by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 58,441 shares of the financial services provider’s stock, valued at approximately $2,133,000.

Other large investors have also recently made changes to their positions in the company. Capital World Investors increased its position in Fifth Third Bancorp by 34.2% during the 4th quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock valued at $1,416,985,000 after buying an additional 10,472,392 shares in the last quarter. KBC Group NV increased its holdings in shares of Fifth Third Bancorp by 341.8% during the fourth quarter. KBC Group NV now owns 1,928,706 shares of the financial services provider’s stock valued at $66,521,000 after acquiring an additional 1,492,124 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth about $33,337,000. Vanguard Group Inc. boosted its stake in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after purchasing an additional 734,403 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at about $25,641,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of several recent analyst reports. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price for the company in a report on Friday, May 31st. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Stephens reiterated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Morgan Stanley boosted their price target on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Royal Bank of Canada increased their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.16.

Insider Activity

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the sale, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the transaction, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The disclosure for this sale can be found here. Insiders have sold a total of 54,500 shares of company stock valued at $2,269,920 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Up 2.4 %

Shares of FITB stock opened at $43.64 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $43.85. The stock has a market cap of $29.85 billion, a P/E ratio of 13.85, a P/E/G ratio of 1.93 and a beta of 1.22. The company has a 50 day simple moving average of $41.08 and a two-hundred day simple moving average of $38.09.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter last year, the company earned $0.87 earnings per share. On average, research analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.37 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 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.