Denali Advisors LLC Lowers Holdings in Fifth Third Bancorp (FITB)

Denali Advisors LLC lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 427,900 shares of the financial services provider’s stock after selling 55,600 shares during the quarter. Fifth Third Bancorp makes up 1.7% of Denali Advisors LLC’s investment portfolio, making the stock its 20th largest holding. Denali Advisors LLC owned 0.07% of Fifth Third Bancorp worth $10,792,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Sanders Capital LLC raised its stake in Fifth Third Bancorp by 59.6% during the fourth quarter. Sanders Capital LLC now owns 17,818,885 shares of the financial services provider’s stock worth $468,179,000 after acquiring an additional 6,653,168 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Fifth Third Bancorp by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after purchasing an additional 988,392 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Fifth Third Bancorp by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after purchasing an additional 574,887 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Fifth Third Bancorp by 10.4% during the fourth quarter. Northern Trust Corp now owns 9,220,340 shares of the financial services provider’s stock worth $216,954,000 after purchasing an additional 868,917 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $161,089,000. 83.87% of the stock is currently owned by institutional investors.

Fifth Third Bancorp stock traded up $0.15 during midday trading on Friday, reaching $28.98. The stock had a trading volume of 5,559,769 shares, compared to its average volume of 7,611,974. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $18.80 billion, a PE ratio of 11.41, a P/E/G ratio of 1.34 and a beta of 1.36. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $34.67.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the company earned $0.57 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 2.77 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.88 annualized dividend and a dividend yield of 3.04%. Fifth Third Bancorp’s dividend payout ratio is currently 34.65%.

Several analysts have recently commented on FITB shares. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Tuesday, March 12th. Raymond James set a $30.00 price target on Fifth Third Bancorp and gave the company a “buy” rating in a report on Wednesday, January 23rd. Citigroup upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and decreased their price target for the company from $37.00 to $29.00 in a report on Wednesday, January 9th. Vining Sparks reiterated a “buy” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 22nd. Finally, Sandler O’Neill raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the company’s stock. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $31.67.

In related news, EVP Frank R. Forrest sold 26,000 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $26.37, for a total value of $685,620.00. Following the completion of the sale, the executive vice president now directly owns 62,974 shares in the company, valued at approximately $1,660,624.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Teresa J. Tanner sold 55,600 shares of Fifth Third Bancorp stock in a transaction on Monday, April 15th. The shares were sold at an average price of $27.47, for a total value of $1,527,332.00. The disclosure for this sale can be found here. Insiders have sold a total of 84,518 shares of company stock valued at $2,296,845 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

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Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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