Los Angeles Capital Management LLC Raises Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Los Angeles Capital Management LLC grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,447,529 shares of the financial services provider’s stock after acquiring an additional 125,606 shares during the period. Los Angeles Capital Management LLC owned about 0.21% of Fifth Third Bancorp worth $52,820,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $29,000. American Capital Advisory LLC purchased a new stake in Fifth Third Bancorp in the second quarter worth about $34,000. Centerpoint Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 750 shares in the last quarter. Family Firm Inc. bought a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $52,000. Finally, Mather Group LLC. bought a new position in Fifth Third Bancorp in the first quarter worth approximately $56,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the topic of several recent research reports. Jefferies Financial Group increased their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Morgan Stanley raised their price objective on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Wolfe Research upgraded shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price for the company in a report on Friday, May 31st. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.

Insiders Place Their Bets

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now directly owns 20,961 shares in the company, valued at $863,802.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. The disclosure for this sale can be found here. Insiders have sold 54,500 shares of company stock worth $2,269,920 in the last quarter. 0.50% of the stock is owned by corporate insiders.

Fifth Third Bancorp Price Performance

FITB traded down $1.01 during trading on Friday, reaching $40.69. 3,184,776 shares of the stock were exchanged, compared to its average volume of 4,684,427. The company has a market capitalization of $27.83 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 2.01 and a beta of 1.22. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $42.91. The business’s 50 day moving average price is $40.12 and its two-hundred day moving average price is $37.57. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period in the prior year, the firm earned $0.87 EPS. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp’s dividend 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.