Alaska Permanent Fund Corp Sells 2,283 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Alaska Permanent Fund Corp lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,017 shares of the financial services provider’s stock after selling 2,283 shares during the period. Alaska Permanent Fund Corp’s holdings in Fifth Third Bancorp were worth $2,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Invesco Ltd. grew its position in Fifth Third Bancorp by 8.4% in the 3rd quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock worth $492,117,000 after purchasing an additional 1,500,653 shares during the period. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 14,860,365 shares of the financial services provider’s stock worth $376,413,000 after purchasing an additional 393,937 shares during the period. Boston Partners grew its position in Fifth Third Bancorp by 32.1% in the 3rd quarter. Boston Partners now owns 13,076,541 shares of the financial services provider’s stock worth $331,188,000 after purchasing an additional 3,176,903 shares during the period. Northern Trust Corp grew its position in Fifth Third Bancorp by 3.9% in the 3rd quarter. Northern Trust Corp now owns 6,774,568 shares of the financial services provider’s stock worth $171,600,000 after purchasing an additional 253,405 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Fifth Third Bancorp by 12.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,601,884 shares of the financial services provider’s stock worth $65,906,000 after purchasing an additional 281,557 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FITB shares. Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, March 19th. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday. Royal Bank of Canada lifted their price target on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, January 22nd. Finally, UBS Group reiterated a “neutral” rating and set a $39.00 price target (down previously from $42.00) on shares of Fifth Third Bancorp in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.31.

Insiders Place Their Bets

In other news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the sale, the chief operating officer now directly owns 229,344 shares in the company, valued at approximately $8,407,751.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kala Gibson sold 14,857 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The disclosure for this sale can be found here. Insiders have sold a total of 46,357 shares of company stock worth $1,693,888 in the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Price Performance

FITB stock traded up $0.17 during mid-day trading on Wednesday, hitting $37.23. The company had a trading volume of 3,633,110 shares, compared to its average volume of 5,470,085. The company has a market capitalization of $25.36 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.38 and a beta of 1.27. Fifth Third Bancorp has a 12-month low of $22.46 and a 12-month high of $37.41. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average price of $35.35 and a 200 day moving average price of $32.07.

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

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is currently 44.44%.

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.