Northern Trust Corp Cuts Position in Fifth Third Bancorp $FITB

Northern Trust Corp trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.2% in the first quarter, HoldingsChannel.com reports. The fund owned 6,992,175 shares of the financial services provider’s stock after selling 82,345 shares during the period. Northern Trust Corp’s holdings in Fifth Third Bancorp were worth $274,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. HWG Holdings LP bought a new position in Fifth Third Bancorp in the 1st quarter valued at $27,000. Quarry LP purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $29,000. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after buying an additional 357 shares during the period. REAP Financial Group LLC raised its position in Fifth Third Bancorp by 161.8% in the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 487 shares during the period. Finally, Grove Bank & Trust boosted its stake in Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 335 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $42.00 to $47.00 in a report on Monday, June 9th. Cowen began coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They set a “buy” rating for the company. Jefferies Financial Group started 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 on the stock. Finally, TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a “buy” rating and a $52.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.80.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $43.10 on Thursday. The firm has a market capitalization of $28.53 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 1.39 and a beta of 0.91. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The business’s 50-day moving average price is $41.85 and its 200-day moving average price is $39.91.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp’s payout ratio is presently 45.96%.

Fifth Third Bancorp declared that its board has approved a stock buyback plan on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.