Nisa Investment Advisors LLC Purchases 12,323 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Nisa Investment Advisors LLC grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.3% during the first quarter, HoldingsChannel.com reports. The firm owned 385,703 shares of the financial services provider’s stock after purchasing an additional 12,323 shares during the period. Nisa Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $15,262,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Meadow Creek Wealth Advisors LLC boosted its position in Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock worth $410,000 after buying an additional 300 shares during the period. Oxford Financial Group LTD. LLC raised its stake in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Oxford Financial Group LTD. LLC now owns 10,341 shares of the financial services provider’s stock valued at $437,000 after acquiring an additional 313 shares during the last quarter. Gotham Asset Management LLC lifted its holdings in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 316 shares during the period. Summit Investment Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 0.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 51,109 shares of the financial services provider’s stock worth $2,161,000 after purchasing an additional 322 shares during the last quarter. Finally, Grove Bank & Trust grew its stake in shares of Fifth Third Bancorp by 60.7% in the first quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock opened at $43.43 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. The company’s 50-day moving average is $39.32 and its 200-day moving average is $40.08. The stock has a market capitalization of $28.99 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.50 and a beta of 0.91. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 13.64% and a net margin of 17.65%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the prior year, the company earned $0.70 earnings per share. Equities research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has approved 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. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, June 30th. This represents a $1.48 annualized dividend and a yield of 3.41%. Fifth Third Bancorp’s payout ratio is 46.98%.

Analysts Set New Price Targets

Several research analysts recently issued reports on FITB shares. Barclays lowered their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. TD Cowen assumed coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a “buy” rating and a $52.00 price objective for the company. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price on the stock in a report on Monday, April 7th. Jefferies Financial Group assumed coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

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.