Joseph Group Capital Management Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Joseph Group Capital Management acquired a new stake in Fifth Third Bancorp (NASDAQ:FITBGet Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 839 shares of the financial services provider’s stock, valued at approximately $1,545,000. Fifth Third Bancorp makes up about 1.5% of Joseph Group Capital Management’s portfolio, making the stock its 20th largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its holdings in Fifth Third Bancorp by 4.2% in the first quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock valued at $20,569,000 after buying an additional 32,680 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its holdings in Fifth Third Bancorp by 10.9% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after buying an additional 55,145 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Fifth Third Bancorp by 31.1% in the third quarter. Mackenzie Financial Corp now owns 55,966 shares of the financial services provider’s stock valued at $2,375,000 after buying an additional 13,289 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Fifth Third Bancorp by 2.7% in the third quarter. CIBC Asset Management Inc now owns 64,069 shares of the financial services provider’s stock valued at $2,719,000 after buying an additional 1,678 shares during the last quarter. Finally, Sawtooth Solutions LLC purchased a new position in Fifth Third Bancorp in the third quarter valued at $247,000. Institutional investors and hedge funds own 81.00% of the company’s stock.

Shares of FITB stock traded up $0.19 during midday trading on Friday, reaching $35.97. 5,414,836 shares of the company traded hands, compared to its average volume of 6,678,644. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.81 and a quick ratio of 0.80. The firm’s 50 day simple moving average is $41.44 and its two-hundred day simple moving average is $44.02. Fifth Third Bancorp has a 1-year low of $34.35 and a 1-year high of $50.64. The firm has a market cap of $24.59 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the business earned $0.93 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.61 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, April 18th. Shareholders of record on Thursday, March 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $1.20 annualized dividend and a yield of 3.34%. Fifth Third Bancorp’s payout ratio is currently 34.38%.

Several equities analysts have issued reports on FITB shares. Wells Fargo & Company raised Fifth Third Bancorp from an “equal weight” rating to an “overweight” rating and set a $52.00 price objective on the stock in a report on Thursday, April 28th. StockNews.com started coverage on Fifth Third Bancorp in a report on Thursday, March 31st. They set a “hold” rating on the stock. Citigroup reaffirmed a “neutral” rating on shares of Fifth Third Bancorp in a report on Thursday, March 24th. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Monday, April 25th. Finally, JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $48.00 to $48.50 in a report on Thursday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $48.65.

In other news, CEO Greg D. Carmichael sold 50,000 shares of the business’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $40.05, for a total transaction of $2,002,500.00. Following the completion of the sale, the chief executive officer now directly owns 644,745 shares of the company’s stock, valued at approximately $25,822,037.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Timothy Spence sold 4,558 shares of the business’s stock in a transaction on Monday, February 14th. The shares were sold at an average price of $48.07, for a total transaction of $219,103.06. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by insiders.

Fifth Third Bancorp Company Profile (Get Rating)

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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