Arrowstreet Capital Limited Partnership Invests $38.82 Million in Fifth Third Bancorp $FITB

Arrowstreet Capital Limited Partnership bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 943,830 shares of the financial services provider’s stock, valued at approximately $38,820,000. Arrowstreet Capital Limited Partnership owned about 0.14% of Fifth Third Bancorp at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Activest Wealth Management increased its holdings in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares in the last quarter. Banque Transatlantique SA acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $27,000. GoalVest Advisory LLC raised its position in shares of Fifth Third Bancorp by 246.3% during the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the second quarter valued at $32,000. Finally, BankPlus Trust Department boosted its position in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 290 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on FITB. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. DA Davidson boosted their price target on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Stephens set a $52.00 price objective on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Argus lifted their price objective on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $50.75.

Insider Buying and Selling

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the purchase, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Trading Down 0.1%

NASDAQ FITB opened at $45.42 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $47.69. The firm’s fifty day simple moving average is $42.84 and its 200-day simple moving average is $42.44. The company has a market capitalization of $30.02 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 0.92 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm had revenue of $3.82 billion for the quarter. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 47.76%.

About Fifth Third Bancorp

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.