Convergence Investment Partners LLC Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Convergence Investment Partners LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 47,996 shares of the financial services provider’s stock after acquiring an additional 573 shares during the quarter. Convergence Investment Partners LLC’s holdings in Fifth Third Bancorp were worth $1,655,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FITB. GoalVest Advisory LLC boosted its stake in Fifth Third Bancorp by 145.5% in the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 560 shares during the period. Denali Advisors LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth about $36,000. Financial Management Professionals Inc. boosted its stake in Fifth Third Bancorp by 1,000.0% in the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,000 shares during the period. Authentikos Wealth Advisory LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $46,000. Finally, Friedenthal Financial bought a new position in Fifth Third Bancorp in the 4th quarter worth about $48,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.2 %

Shares of Fifth Third Bancorp stock traded up $0.08 on Friday, hitting $36.90. The stock had a trading volume of 2,474,530 shares, compared to its average volume of 4,563,777. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. Fifth Third Bancorp has a one year low of $22.46 and a one year high of $37.41. The stock has a market cap of $25.13 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.40 and a beta of 1.27. The stock’s 50-day simple moving average is $35.54 and its two-hundred day simple moving average is $32.27.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The firm had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same quarter last year, the business earned $0.78 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.2 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FITB. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price objective (up previously from $39.00) on shares of Fifth Third Bancorp in a report on Monday, April 22nd. UBS Group restated a “neutral” rating and issued a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Morgan Stanley restated an “equal weight” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. Finally, Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and an average price target of $36.31.

Insider Buying and Selling

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the transaction, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. Insiders sold 46,357 shares of company stock valued at $1,693,888 over the last quarter. 0.50% of the stock is owned by company 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.