Donaldson Capital Management LLC Invests $420,000 in Fifth Third Bancorp (NASDAQ:FITB)

Donaldson Capital Management LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, HoldingsChannel reports. The institutional investor acquired 15,348 shares of the financial services provider’s stock, valued at approximately $420,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Nuveen Asset Management LLC increased its stake in shares of Fifth Third Bancorp by 21,301.1% in the second quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock worth $176,274,000 after purchasing an additional 6,288,518 shares in the last quarter. Wells Fargo & Company MN grew its stake in Fifth Third Bancorp by 36.8% during the second quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock valued at $209,013,000 after acquiring an additional 2,014,379 shares in the last quarter. Hexavest Inc. purchased a new position in Fifth Third Bancorp during the second quarter valued at $38,972,000. Unigestion Holding SA grew its stake in Fifth Third Bancorp by 250.4% during the second quarter. Unigestion Holding SA now owns 1,422,984 shares of the financial services provider’s stock valued at $39,701,000 after acquiring an additional 1,016,830 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Fifth Third Bancorp by 23.0% during the third quarter. Russell Investments Group Ltd. now owns 4,583,397 shares of the financial services provider’s stock valued at $125,673,000 after acquiring an additional 855,653 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently weighed in on FITB. Bank of America raised their target price on shares of Fifth Third Bancorp from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. cut their target price on shares of Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Citigroup cut their target price on shares of Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. ValuEngine cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.43.

Shares of NASDAQ:FITB traded up $0.05 on Friday, reaching $30.56. The company’s stock had a trading volume of 215,993 shares, compared to its average volume of 5,816,547. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $30.89. The company has a market cap of $22.17 billion, a P/E ratio of 12.02, a PEG ratio of 1.50 and a beta of 1.40. The company has a 50-day simple moving average of $27.84 and a 200 day simple moving average of $27.56. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.87 and a current ratio of 0.88.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the company posted $0.64 EPS. On average, equities research analysts forecast that Fifth Third Bancorp will post 2.81 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.24 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.14%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.80%.

In other news, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the sale, the executive vice president now owns 152,672 shares in the company, valued at approximately $4,201,533.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Evan Bayh bought 4,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average price of $25.93 per share, with a total value of $103,720.00. Following the acquisition, the director now directly owns 48,517 shares in the company, valued at approximately $1,258,045.81. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

Fifth Third Bancorp Profile

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.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

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

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