Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 18.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,302 shares of the financial services provider’s stock after purchasing an additional 12,356 shares during the quarter. Convergence Investment Partners LLC’s holdings in Fifth Third Bancorp were worth $3,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC increased its holdings in shares of Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after purchasing an additional 34,203 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after buying an additional 9,444 shares in the last quarter. Lockheed Martin Investment Management Co. purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $9,878,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fifth Third Bancorp by 13.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after acquiring an additional 55,081 shares during the period. Finally, Smith Group Asset Management LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth $423,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $44.46 on Wednesday. The company has a market cap of $29.81 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $43.66 and a two-hundred day moving average price of $43.54. Fifth Third Bancorp has a 12-month low of $33.03 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Barclays upped their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.75.

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.