California State Teachers Retirement System cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 8.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,433,629 shares of the financial services provider’s stock after selling 135,674 shares during the quarter. California State Teachers Retirement System owned about 0.19% of Fifth Third Bancorp worth $37,218,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of FITB. Neuberger Berman Group LLC lifted its position in Fifth Third Bancorp by 1.6% in the 1st quarter. Neuberger Berman Group LLC now owns 60,601 shares of the financial services provider’s stock valued at $1,539,000 after purchasing an additional 939 shares during the last quarter. Wellington Management Group LLP increased its stake in Fifth Third Bancorp by 149.3% during the 1st quarter. Wellington Management Group LLP now owns 2,166,765 shares of the financial services provider’s stock valued at $55,036,000 after buying an additional 1,297,487 shares during the period. Legal & General Group Plc increased its stake in Fifth Third Bancorp by 2.7% during the 1st quarter. Legal & General Group Plc now owns 3,841,235 shares of the financial services provider’s stock valued at $97,570,000 after buying an additional 100,839 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Fifth Third Bancorp by 2.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,632,473 shares of the financial services provider’s stock valued at $92,265,000 after buying an additional 77,483 shares during the period. Finally, Global X Management Co. LLC increased its stake in Fifth Third Bancorp by 37.0% during the 1st quarter. Global X Management Co. LLC now owns 20,442 shares of the financial services provider’s stock valued at $519,000 after buying an additional 5,523 shares during the period. Hedge funds and other institutional investors own 79.58% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.337% during trading on Friday, hitting $28.055. 1,448,928 shares of the stock traded hands. The company has a market cap of $20.67 billion, a PE ratio of 14.219 and a beta of 1.37. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97. The company has a 50 day moving average of $27.00 and a 200-day moving average of $25.77.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business earned $0.40 EPS. Fifth Third Bancorp’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp announced that its board has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.27%. This is a boost 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 is presently 32.49%.
FITB has been the topic of several research analyst reports. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Thursday, July 27th. Morgan Stanley reissued an “equal weight” rating and set 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. reissued 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, eighteen have given a hold rating and three have assigned a buy rating to the stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $28.13.
In related 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 transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by corporate insiders.
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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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