Trexquant Investment LP Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Trexquant Investment LP bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 244,020 shares of the financial services provider's stock, valued at approximately $10,317,000.

A number of other hedge funds have also made changes to their positions in FITB. FMR LLC lifted its stake in Fifth Third Bancorp by 5.7% in the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider's stock valued at $72,511,000 after buying an additional 91,574 shares in the last quarter. Townsquare Capital LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter valued at about $804,000. Paloma Partners Management Co lifted its stake in shares of Fifth Third Bancorp by 201.6% during the third quarter. Paloma Partners Management Co now owns 14,400 shares of the financial services provider's stock valued at $617,000 after buying an additional 28,567 shares during the period. Benjamin Edwards Inc. raised its holdings in Fifth Third Bancorp by 139.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 11,190 shares of the financial services provider's stock valued at $479,000 after acquiring an additional 6,515 shares during the last quarter. Finally, Investment Management Corp of Ontario raised its stake in Fifth Third Bancorp by 49.3% during the third quarter. Investment Management Corp of Ontario now owns 22,720 shares of the financial services provider's stock worth $973,000 after purchasing an additional 7,500 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Fifth Third Bancorp Trading Up 0.7 %

Shares of FITB traded up $0.24 during midday trading on Monday, hitting $33.99. The stock had a trading volume of 3,551,614 shares, compared to its average volume of 4,393,039. The business has a 50-day simple moving average of $41.50 and a two-hundred day simple moving average of $43.36. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a fifty-two week low of $31.10 and a fifty-two week high of $49.07. The firm has a market cap of $22.71 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 4.35%. Fifth Third Bancorp's payout ratio is presently 47.13%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FITB shares. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target for the company in a report on Monday. Barclays raised their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Citigroup lowered their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Piper Sandler reaffirmed an "overweight" rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Morgan Stanley reduced their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $48.12.

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.