Capital Fund Management S.A. increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 69.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 321,226 shares of the financial services provider’s stock after acquiring an additional 132,047 shares during the quarter. Capital Fund Management S.A.’s holdings in Fifth Third Bancorp were worth $8,339,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in FITB. Janney Montgomery Scott LLC boosted its stake in Fifth Third Bancorp by 25.5% during the first quarter. Janney Montgomery Scott LLC now owns 28,468 shares of the financial services provider’s stock worth $723,000 after buying an additional 5,789 shares in the last quarter. Strs Ohio boosted its stake in Fifth Third Bancorp by 5.1% during the first quarter. Strs Ohio now owns 86,094 shares of the financial services provider’s stock worth $2,186,000 after buying an additional 4,160 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Fifth Third Bancorp by 66.2% during the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after buying an additional 47,254 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Fifth Third Bancorp by 47.2% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 18,498 shares of the financial services provider’s stock worth $470,000 after buying an additional 5,933 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its stake in Fifth Third Bancorp by 21.7% during the first quarter. Chicago Equity Partners LLC now owns 11,950 shares of the financial services provider’s stock worth $304,000 after buying an additional 2,130 shares in the last quarter. 79.60% of the stock is currently owned by institutional investors and hedge funds.
FITB has been the topic of a number of recent research reports. TheStreet upgraded shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research note on Thursday, July 27th. BidaskClub upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Morgan Stanley restated an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $27.14.
Shares of Fifth Third Bancorp (FITB) traded up 0.80% during mid-day trading on Friday, reaching $26.52. The company’s stock had a trading volume of 7,980,434 shares. The company has a 50-day moving average of $26.45 and a 200-day moving average of $25.63. The firm has a market cap of $19.54 billion, a PE ratio of 13.44 and a beta of 1.36. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the business posted $0.40 EPS. The business’s revenue was up .1% on a year-over-year basis. On average, analysts predict that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the transaction, the executive vice president now owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
Fifth Third Bancorp Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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