The Hartford Investment Management Co. Increases Position in Fifth Third Bancorp (FITB)

The Hartford Investment Management Co. Increases Position in Fifth Third Bancorp (FITB)

Hartford Investment Management Co. increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.1% during the third quarter, Holdings Channel reports. The fund owned 185,625 shares of the financial services provider’s stock after buying an additional 1,976 shares during the period. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $3,798,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of FITB. Advisory Services Network LLC increased its position in shares of Fifth Third Bancorp by 153.2% in the second quarter. Advisory Services Network LLC now owns 6,375 shares of the financial services provider’s stock valued at $112,000 after buying an additional 3,857 shares during the last quarter. Duncker Streett & Co. Inc. boosted its position in shares of Fifth Third Bancorp by 0.3% in the third quarter. Duncker Streett & Co. Inc. now owns 6,439 shares of the financial services provider’s stock valued at $132,000 after buying an additional 20 shares during the period. Cornerstone Advisors Inc. boosted its position in shares of Fifth Third Bancorp by 3,759.8% in the third quarter. Cornerstone Advisors Inc. now owns 6,909 shares of the financial services provider’s stock valued at $141,000 after buying an additional 6,730 shares during the period. BKS Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter valued at about $164,000. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of Fifth Third Bancorp by 28.0% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 8,778 shares of the financial services provider’s stock valued at $180,000 after buying an additional 1,921 shares during the period. 81.19% of the stock is owned by institutional investors and hedge funds.

Shares of Fifth Third Bancorp (NASDAQ:FITB) traded up 0.211% during mid-day trading on Wednesday, reaching $26.085. 3,945,311 shares of the company’s stock traded hands. Fifth Third Bancorp has a 12-month low of $13.84 and a 12-month high of $27.88. The stock has a market cap of $19.71 billion, a price-to-earnings ratio of 11.568 and a beta of 1.28. The firm’s 50 day moving average price is $26.87 and its 200-day moving average price is $22.04.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Thursday, October 20th. The financial services provider reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.24. Fifth Third Bancorp had a net margin of 24.69% and a return on equity of 10.00%. During the same period in the prior year, the firm posted $0.45 EPS. Equities research analysts forecast that Fifth Third Bancorp will post $1.88 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, December 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.15%. Fifth Third Bancorp’s dividend payout ratio is currently 25.00%.

FITB has been the subject of several recent research reports. Robert W. Baird cut shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and upped their price target for the company from $19.00 to $21.00 in a research report on Wednesday, November 16th. Stephens cut shares of Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 5th. Wedbush initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 6th. They issued a “neutral” rating and a $22.00 price target for the company. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, January 9th. Finally, Deutsche Bank AG upped their price target on shares of Fifth Third Bancorp from $21.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, November 30th. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.74.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

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