Orca Wealth Management LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Orca Wealth Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 35,002 shares of the financial services provider’s stock, valued at approximately $1,480,000. Fifth Third Bancorp makes up approximately 1.3% of Orca Wealth Management LLC’s investment portfolio, making the stock its 27th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $28,490,000. Millennium Management LLC raised its position in shares of Fifth Third Bancorp by 896.7% in the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after purchasing an additional 575,449 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after purchasing an additional 409,292 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Barclays raised their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Trading Down 0.4 %

NASDAQ FITB opened at $44.78 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The company has a market cap of $30.03 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The business’s fifty day moving average is $44.69 and its 200 day moving average is $43.22.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.