Chevy Chase Trust Holdings LLC Has $13.79 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Chevy Chase Trust Holdings LLC lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.2% during the first quarter, HoldingsChannel.com reports. The fund owned 351,666 shares of the financial services provider’s stock after selling 563 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Fifth Third Bancorp were worth $13,785,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Boston Partners increased its holdings in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after buying an additional 823,803 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Fifth Third Bancorp by 27.3% during the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider’s stock worth $86,535,000 after purchasing an additional 438,446 shares during the last quarter. AMJ Financial Wealth Management increased its stake in shares of Fifth Third Bancorp by 4.2% in the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after buying an additional 9,401 shares in the last quarter. Banco Santander S.A. bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at about $357,000. Finally, Heartland Bank & Trust Co acquired a new position in Fifth Third Bancorp during the 1st quarter worth about $1,011,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.2%

Shares of FITB opened at $40.68 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. The firm’s 50-day simple moving average is $37.79 and its 200 day simple moving average is $40.23. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The firm has a market cap of $27.15 billion, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 1.40 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same quarter in the previous year, the firm posted $0.70 EPS. On average, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp announced that its board has authorized a stock repurchase program on Monday, June 16th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.64%. Fifth Third Bancorp’s payout ratio is 46.98%.

Analysts Set New Price Targets

Several research firms have weighed in on FITB. Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Jefferies Financial Group initiated coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 price objective for the company. Barclays decreased their price objective on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Citigroup dropped their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. decreased their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.53.

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.