TIAA Trust National Association Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

TIAA Trust National Association purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,429 shares of the financial services provider’s stock, valued at approximately $271,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. bought a new stake in Fifth Third Bancorp during the first quarter worth approximately $29,000. American Capital Advisory LLC bought a new stake in Fifth Third Bancorp in the 2nd quarter valued at $34,000. Centerpoint Advisors LLC boosted its stake in Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after buying an additional 750 shares in the last quarter. Family Firm Inc. bought a new stake in Fifth Third Bancorp during the second quarter worth about $52,000. Finally, Mather Group LLC. bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $56,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the transaction, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value 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 disclosure for this sale can be found here. Insiders have sold 54,500 shares of company stock valued at $2,269,920 over the last quarter. 0.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. Argus increased their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, August 13th. Bank of America raised their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Jefferies Financial Group upped their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Finally, Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a report on Friday, May 31st. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.56.

Fifth Third Bancorp Trading Down 2.4 %

FITB opened at $40.69 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $27.83 billion, a PE ratio of 12.92, a PEG ratio of 2.01 and a beta of 1.22. The business has a 50 day moving average of $40.12 and a 200-day moving average of $37.57. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the company posted $0.87 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 3.44%. Fifth Third Bancorp’s payout ratio is presently 44.44%.

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.