Quantitative Systematic Strategies LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 78.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,048 shares of the financial services provider’s stock after buying an additional 50,467 shares during the period. Fifth Third Bancorp comprises approximately 0.8% of Quantitative Systematic Strategies LLC’s portfolio, making the stock its 7th largest position. Quantitative Systematic Strategies LLC’s holdings in Fifth Third Bancorp were worth $2,999,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Assetmark Inc. increased its stake in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its position in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the last quarter. Sterling Investment Advisors Ltd. boosted its position in shares of Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the last quarter. Finally, Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $167,000. 80.50% of the stock is owned by institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 1.02% during trading on Friday, hitting $26.11. 4,345,297 shares of the company were exchanged. The firm’s 50-day moving average price is $26.26 and its 200 day moving average price is $25.73. The firm has a market capitalization of $19.24 billion, a PE ratio of 13.23 and a beta of 1.37. Fifth Third Bancorp has a 12 month low of $18.95 and a 12 month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company posted $0.40 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 annualized dividend and a yield of 2.14%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.
Fifth Third Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 67% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.
A number of brokerages recently commented on FITB. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a research report on Friday, July 14th. TheStreet cut shares of Fifth Third Bancorp from a “b” rating to a “c+” rating in a research report on Friday, May 26th. BMO Capital Markets restated a “market perform” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Jefferies Group LLC restated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a research report on Friday. Finally, BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $26.54.
About Fifth Third Bancorp
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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