QRG Capital Management Inc. Boosts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

QRG Capital Management Inc. increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 15.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,858 shares of the financial services provider’s stock after acquiring an additional 9,444 shares during the quarter. QRG Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $3,078,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Park National Corp OH increased its stake in shares of Fifth Third Bancorp by 15.0% in the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after purchasing an additional 5,411 shares in the last quarter. M&G Plc purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth $1,254,000. Plato Investment Management Ltd bought a new stake in Fifth Third Bancorp during the first quarter valued at about $639,000. Russell Investments Group Ltd. lifted its position in shares of Fifth Third Bancorp by 9.1% in the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock valued at $11,657,000 after acquiring an additional 26,194 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in Fifth Third Bancorp by 2.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock valued at $30,796,000 after buying an additional 18,208 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FITB shares. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Argus increased their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Royal Bank of Canada lifted their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Morgan Stanley lifted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $42.28.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $46.87 on Thursday. Fifth Third Bancorp has a 52 week low of $24.64 and a 52 week high of $46.90. The company has a market capitalization of $31.72 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 2.07 and a beta of 1.21. The stock’s fifty day moving average is $42.95 and its two-hundred day moving average is $39.89. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 EPS. As a group, analysts expect that Fifth Third Bancorp will post 3.33 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.16%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp 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.