Sterling Capital Management LLC Takes $3.05 Million Position in Fifth Third Bancorp (FITB)

Sterling Capital Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 106,350 shares of the financial services provider’s stock, valued at approximately $3,052,000.

A number of other hedge funds have also recently added to or reduced their stakes in FITB. BlackRock Inc. increased its holdings in Fifth Third Bancorp by 5.9% in the 2nd quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock valued at $1,390,661,000 after buying an additional 2,718,504 shares during the period. Janus Henderson Group PLC increased its holdings in Fifth Third Bancorp by 119.9% in the 2nd quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after buying an additional 2,658,672 shares during the period. Rockefeller Capital Management L.P. bought a new position in Fifth Third Bancorp in the 1st quarter valued at about $51,774,000. Schroder Investment Management Group increased its holdings in Fifth Third Bancorp by 239.3% in the 1st quarter. Schroder Investment Management Group now owns 2,019,906 shares of the financial services provider’s stock valued at $64,132,000 after buying an additional 1,424,674 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Fifth Third Bancorp by 16.9% in the 2nd quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock valued at $211,301,000 after buying an additional 1,062,218 shares during the period. 83.91% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have commented on FITB shares. BidaskClub lowered shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 1st. Zacks Investment Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 26th. Argus started coverage on shares of Fifth Third Bancorp in a report on Thursday, June 14th. They issued a “buy” rating and a $36.00 target price on the stock. FIG Partners lowered shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a report on Monday, May 21st. Finally, UBS Group raised shares of Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 target price on the stock in a report on Friday, July 20th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $32.18.

Shares of Fifth Third Bancorp stock opened at $29.02 on Friday. The company has a market cap of $19.29 billion, a P/E ratio of 10.83, a P/E/G ratio of 1.60 and a beta of 1.25. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.88 and a current ratio of 0.89. Fifth Third Bancorp has a 1 year low of $25.98 and a 1 year high of $34.67.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.61 billion. Fifth Third Bancorp had a net margin of 32.86% and a return on equity of 11.12%. During the same period in the previous year, the firm posted $0.45 EPS. equities research analysts forecast that Fifth Third Bancorp will post 2.51 EPS for the current year.

About Fifth Third Bancorp

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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Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB).

Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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