StoneRidge PMG Advisors LLC Purchases 11,837 Shares of Fifth Third Bancorp $FITB

StoneRidge PMG Advisors LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 11,837 shares of the financial services provider’s stock, valued at approximately $599,000.

A number of other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in Fifth Third Bancorp by 20.2% during the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock worth $1,333,362,000 after buying an additional 3,972,795 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $1,324,903,000. Bank of America Corp DE bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Dimensional Fund Advisors LP increased its stake in shares of Fifth Third Bancorp by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock valued at $507,151,000 after acquiring an additional 2,569,479 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Fifth Third Bancorp by 16.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider’s stock valued at $416,241,000 after acquiring an additional 1,049,520 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on FITB. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 21st. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Stephens cut their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Finally, Royal Bank Of Canada decreased their price target on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.87.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares in the company, valued at $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by company insiders.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ FITB opened at $53.14 on Monday. The firm has a market cap of $48.02 billion, a P/E ratio of 17.83, a P/E/G ratio of 1.09 and a beta of 0.98. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50-day moving average is $52.66 and its 200-day moving average is $52.15. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. During the same period in the previous year, the firm earned $0.91 EPS. Fifth Third Bancorp’s quarterly revenue was up 42.4% compared to the same quarter last year. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is presently 57.53%.

About Fifth Third Bancorp