Trexquant Investment LP Reduces Holdings in Fifth Third Bancorp $FITB

Trexquant Investment LP decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 86.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 33,518 shares of the financial services provider’s stock after selling 210,502 shares during the period. Trexquant Investment LP’s holdings in Fifth Third Bancorp were worth $1,314,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. OMERS ADMINISTRATION Corp grew its stake in shares of Fifth Third Bancorp by 19.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 71,233 shares of the financial services provider’s stock worth $2,792,000 after acquiring an additional 11,811 shares during the last quarter. Carlson Capital L.P. grew its stake in shares of Fifth Third Bancorp by 64.1% during the first quarter. Carlson Capital L.P. now owns 19,200 shares of the financial services provider’s stock worth $753,000 after acquiring an additional 7,500 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of Fifth Third Bancorp by 25.9% during the first quarter. CreativeOne Wealth LLC now owns 8,578 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 1,763 shares during the last quarter. Harvest Portfolios Group Inc. grew its stake in shares of Fifth Third Bancorp by 12.3% during the first quarter. Harvest Portfolios Group Inc. now owns 156,184 shares of the financial services provider’s stock worth $6,122,000 after acquiring an additional 17,161 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Fifth Third Bancorp by 110.0% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 330,612 shares of the financial services provider’s stock worth $12,960,000 after acquiring an additional 173,200 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.4%

Fifth Third Bancorp stock opened at $45.62 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock’s 50 day simple moving average is $43.21 and its two-hundred day simple moving average is $40.02. The firm has a market cap of $30.20 billion, a PE ratio of 14.17, a P/E/G ratio of 1.50 and a beta of 0.93.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 45.96%.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback 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 generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. Cowen initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They issued a “buy” rating and a $52.00 target price on the stock. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their target price for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Jefferies Financial Group initiated coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They issued a “buy” rating and a $47.00 target price on the stock. Finally, Wells Fargo & Company upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.80.

Fifth Third Bancorp 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.