Interval Partners LP Has $21 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Interval Partners LP raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 564,240 shares of the financial services provider’s stock after buying an additional 8,109 shares during the quarter. Interval Partners LP owned 0.08% of Fifth Third Bancorp worth $20,995,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors raised its position in shares of Fifth Third Bancorp by 34.2% during the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock worth $1,416,985,000 after purchasing an additional 10,472,392 shares during the period. Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $257,189,000. Smead Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $67,354,000. Boston Partners raised its position in shares of Fifth Third Bancorp by 11.5% during the fourth quarter. Boston Partners now owns 14,575,735 shares of the financial services provider’s stock worth $502,719,000 after purchasing an additional 1,499,194 shares during the period. Finally, KBC Group NV raised its position in shares of Fifth Third Bancorp by 341.8% during the fourth quarter. KBC Group NV now owns 1,928,706 shares of the financial services provider’s stock worth $66,521,000 after purchasing an additional 1,492,124 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Royal Bank of Canada raised their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. UBS Group reiterated a “neutral” rating and set a $39.00 price objective (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Robert W. Baird reiterated a “neutral” rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 1st. Evercore ISI decreased their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. Finally, DA Davidson increased their price objective on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $40.15.

Fifth Third Bancorp Stock Performance

Shares of FITB traded up $0.27 during mid-day trading on Tuesday, reaching $42.26. The company’s stock had a trading volume of 4,586,871 shares, compared to its average volume of 4,868,636. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $42.70. The stock has a market cap of $28.91 billion, a P/E ratio of 13.42, a PEG ratio of 1.99 and a beta of 1.24. The business has a 50-day simple moving average of $37.47 and a two-hundred day simple moving average of $36.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The business had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the previous year, the business earned $0.87 earnings per share. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 3.31%. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Buying and Selling

In related news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,000 shares of company stock valued at $1,523,670. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.