Acadian Asset Management LLC Buys Shares of 10,548 Fifth Third Bancorp (NASDAQ:FITB)

Acadian Asset Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,548 shares of the financial services provider’s stock, valued at approximately $384,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Bailard Inc. raised its position in shares of Fifth Third Bancorp by 0.5% in the second quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 264 shares during the period. SVB Wealth LLC raised its position in shares of Fifth Third Bancorp by 3.8% in the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares during the period. Signaturefd LLC raised its position in shares of Fifth Third Bancorp by 2.6% in the second quarter. Signaturefd LLC now owns 12,424 shares of the financial services provider’s stock valued at $453,000 after purchasing an additional 314 shares during the period. Lcnb Corp raised its position in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Lcnb Corp now owns 19,077 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 319 shares during the period. Finally, Graypoint LLC raised its position in shares of Fifth Third Bancorp by 3.1% in the second quarter. Graypoint LLC now owns 10,526 shares of the financial services provider’s stock valued at $384,000 after purchasing an additional 321 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FITB. Argus boosted their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $40.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $41.16.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the sale, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was 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 of the company’s stock, 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 worth $2,269,920 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Up 2.4 %

Shares of NASDAQ:FITB opened at $43.64 on Friday. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $43.85. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company’s fifty day moving average is $41.08 and its 200-day moving average is $38.09. The company has a market capitalization of $29.85 billion, a PE ratio of 13.85, a P/E/G ratio of 1.93 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results 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). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.37 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.39%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Fifth Third Bancorp Company 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.