Boston Partners Acquires 117,763 Shares of Fifth Third Bancorp (FITB)
Boston Partners raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,408,147 shares of the financial services provider’s stock after buying an additional 117,763 shares during the period. Boston Partners owned approximately 1.81% of Fifth Third Bancorp worth $356,114,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Well Done LLC acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $114,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Fifth Third Bancorp by 8,368.1% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,980 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 3,933 shares in the last quarter. First Mercantile Trust Co. acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $149,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $181,000. Finally, Synovus Financial Corp acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $184,000. 81.89% of the stock is owned by institutional investors.
Shares of Fifth Third Bancorp stock opened at $29.52 on Friday. Fifth Third Bancorp has a 1 year low of $24.66 and a 1 year high of $34.67. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96. The firm has a market cap of $20.32 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.65 and a beta of 1.28.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 16th. Shareholders of record on Friday, June 29th were given a dividend of $0.18 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 26.87%.
A number of brokerages have recently weighed in on FITB. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and set a $37.00 price objective on the stock in a report on Monday, May 28th. Robert W. Baird upgraded shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $32.00 price objective on the stock in a report on Tuesday, May 22nd. BidaskClub upgraded shares of Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a report on Friday, April 27th. Argus began coverage on shares of Fifth Third Bancorp in a report on Thursday, June 14th. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, FIG Partners lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a report on Monday, May 21st. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $31.88.
Fifth Third Bancorp Company Profile
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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