Convergence Investment Partners LLC Acquires 573 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Convergence Investment Partners LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of Fifth Third Bancorp by 8.4% during the 3rd quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock worth $492,117,000 after buying an additional 1,500,653 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 2.7% during 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 buying an additional 393,937 shares in the last quarter. Boston Partners grew its position in shares of Fifth Third Bancorp by 32.1% during the 3rd quarter. Boston Partners now owns 13,076,541 shares of the financial services provider’s stock worth $331,188,000 after buying an additional 3,176,903 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Fifth Third Bancorp by 3.9% during 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 last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Fifth Third Bancorp by 12.1% during 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 last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock traded up $0.08 during mid-day trading on Friday, reaching $36.90. The stock had a trading volume of 2,474,530 shares, compared to its average volume of 4,563,777. The business’s fifty day moving average is $35.54 and its 200-day moving average is $32.27. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The firm 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. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.41.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.79%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 44.44%.

Insider Buying and Selling

In related news, EVP Kala Gibson sold 14,857 shares of the firm’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 sale, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the sale, the executive vice president now directly owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the sale, the executive vice president now directly owns 139,422 shares in the company, valued at $5,072,172.36. The disclosure for this sale can be found here. Insiders have sold a total of 46,357 shares of company stock valued at $1,693,888 over the last ninety days. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FITB shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price objective (up from $39.00) on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. Morgan Stanley restated an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 22nd. DA Davidson upped their price objective on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Royal Bank of Canada increased their price target on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.31.

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.