Manning & Napier Group LLC Acquires 41,767 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Manning & Napier Group LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 19.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,622 shares of the financial services provider’s stock after buying an additional 41,767 shares during the quarter. Manning & Napier Group LLC’s holdings in Fifth Third Bancorp were worth $6,345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of FITB. JOYN Advisors Inc. lifted its position in shares of Fifth Third Bancorp by 38.6% during the 4th quarter. JOYN Advisors Inc. now owns 1,722 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 480 shares during the last quarter. SRS Capital Advisors Inc. lifted its position in shares of Fifth Third Bancorp by 82.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 487 shares during the last quarter. UMB Bank N A MO lifted its position in shares of Fifth Third Bancorp by 3.0% during the 4th quarter. UMB Bank N A MO now owns 17,881 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 522 shares during the last quarter. M&T Bank Corp lifted its position in shares of Fifth Third Bancorp by 0.9% during the 4th quarter. M&T Bank Corp now owns 64,313 shares of the financial services provider’s stock worth $1,513,000 after purchasing an additional 549 shares during the last quarter. Finally, Morningstar Investment Services LLC lifted its position in shares of Fifth Third Bancorp by 5.1% during the 4th quarter. Morningstar Investment Services LLC now owns 13,078 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 634 shares during the last quarter. Institutional investors and hedge funds own 83.87% of the company’s stock.

Several equities analysts recently weighed in on the company. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. BMO Capital Markets upped their price target on Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, April 25th. They noted that the move was a valuation call. UBS Group upped their price target on Fifth Third Bancorp from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Wedbush reaffirmed an “outperform” rating on shares of Fifth Third Bancorp in a report on Thursday, March 14th. Finally, Barclays upped their price target on Fifth Third Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $31.67.

FITB traded up $0.15 during mid-day 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 firm has a market capitalization of $18.80 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 1.34 and a beta of 1.36. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Fifth Third Bancorp has a 52 week low of $22.12 and a 52 week 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. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.67 billion. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. During the same quarter in the prior year, the business posted $0.57 EPS. As a group, research analysts forecast that Fifth Third Bancorp will post 2.77 EPS for the current year.

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

In other news, EVP Frank R. Forrest sold 26,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 62,974 shares in the company, valued at approximately $1,660,624.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 2,918 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. Insiders have sold a total of 84,518 shares of company stock worth $2,296,845 in the last ninety days. 0.40% of the stock is currently owned by company 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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