Fifth Third Bancorp (FITB) Shares Bought by Millennium Management LLC
Millennium Management LLC increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 658.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,622,956 shares of the financial services provider’s stock after purchasing an additional 1,409,021 shares during the quarter. Millennium Management LLC owned 0.24% of Fifth Third Bancorp worth $46,579,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Fifth Third Bancorp by 5.9% in the second quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock valued at $1,390,661,000 after acquiring an additional 2,718,504 shares during the period. Boston Partners raised its stake in shares of Fifth Third Bancorp by 1.0% during the 2nd quarter. Boston Partners now owns 12,408,147 shares of the financial services provider’s stock worth $356,114,000 after buying an additional 117,763 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Fifth Third Bancorp by 16.9% during the 2nd quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock worth $211,301,000 after buying an additional 1,062,218 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Fifth Third Bancorp by 119.9% during the 2nd quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock worth $139,929,000 after buying an additional 2,658,672 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Fifth Third Bancorp by 0.8% during the 2nd quarter. First Trust Advisors LP now owns 4,120,217 shares of the financial services provider’s stock worth $118,250,000 after buying an additional 33,996 shares during the last quarter. 83.91% of the stock is owned by hedge funds and other institutional investors.
FITB traded down $0.39 during midday trading on Friday, hitting $26.84. The company’s stock had a trading volume of 9,617,059 shares, compared to its average volume of 5,817,386. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $18.65 billion, a price-to-earnings ratio of 10.01, a price-to-earnings-growth ratio of 1.55 and a beta of 1.27. Fifth Third Bancorp has a 52-week low of $26.32 and a 52-week high of $34.67.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Thursday, September 27th. Fifth Third Bancorp’s payout ratio is currently 26.87%.
Several research firms have recently issued reports on FITB. Wedbush set a $34.00 price target on Fifth Third Bancorp and gave the stock a “buy” rating in a research note on Thursday, September 20th. Zacks Investment Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 26th. ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. BidaskClub downgraded Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 1st. Finally, Morgan Stanley cut their price target on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.69.
Fifth Third Bancorp Company 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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