Teachers Advisors LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,101,512 shares of the financial services provider’s stock after selling 102,177 shares during the period. Teachers Advisors LLC owned about 0.15% of Fifth Third Bancorp worth $28,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Assetmark Inc. grew its position in shares of Fifth Third Bancorp by 0.7% during the 1st quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 32 shares during the period. Sterling Investment Advisors Ltd. grew its position in shares of Fifth Third Bancorp by 20.8% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 1,000 shares during the period. Duncker Streett & Co. Inc. grew its position in shares of Fifth Third Bancorp by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after acquiring an additional 17 shares during the period. Ullmann Financial Group Inc. bought a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $167,000. Finally, Cornerstone Advisors Inc. grew its position in shares of Fifth Third Bancorp by 14.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 847 shares during the period. 79.58% of the stock is owned by hedge funds and other institutional investors.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.
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A number of equities research analysts have recently issued reports on FITB shares. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Thursday, July 27th. Morgan Stanley reissued an “equal weight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. BMO Capital Markets reissued a “hold” rating and set a $27.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, BidaskClub raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $27.14.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 27.41 on Thursday. The firm has a 50-day moving average of $26.47 and a 200 day moving average of $25.59. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97. The stock has a market cap of $20.19 billion, a PE ratio of 13.89 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company’s revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.33%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.
Fifth Third Bancorp declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Fifth Third Bancorp Company 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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