Premier Fund Managers Ltd Makes New $6.90 Million Investment in Fifth Third Bancorp (NASDAQ:FITB)

Premier Fund Managers Ltd acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 160,700 shares of the financial services provider's stock, valued at approximately $6,901,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Venturi Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock worth $29,000 after purchasing an additional 316 shares during the period. Hexagon Capital Partners LLC boosted its stake in Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider's stock worth $37,000 after buying an additional 312 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp during the third quarter valued at $39,000. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $34,000. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at approximately $53,000. 83.79% of the stock is currently owned by institutional investors.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares of the company's stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jude Schramm sold 20,000 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value 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 14.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company's stock.

Fifth Third Bancorp Price Performance

FITB traded down $0.04 during trading on Wednesday, reaching $46.40. The company's stock had a trading volume of 814,838 shares, compared to its average volume of 4,576,075. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a fifty day simple moving average of $43.83 and a two-hundred day simple moving average of $40.54. The company has a market cap of $31.11 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 2.25 and a beta of 1.21. Fifth Third Bancorp has a 1 year low of $26.89 and a 1 year high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released 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). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period in the previous year, the firm posted $0.92 EPS. The firm's quarterly revenue was up 1.2% compared to the same quarter last year. As a group, analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.37 dividend. 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 3.19%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp's payout ratio is currently 49.17%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FITB shares. Barclays boosted their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Baird R W downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 21st. Evercore ISI upped their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. Finally, Wells Fargo & Company lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. One investment 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 data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $43.09.

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.