QS Investors LLC trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 48.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,997 shares of the financial services provider’s stock after selling 35,262 shares during the quarter. QS Investors LLC’s holdings in Fifth Third Bancorp were worth $986,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in FITB. Sterling Investment Advisors Ltd. boosted its stake in shares of Fifth Third Bancorp by 20.8% during the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,000 shares in the last quarter. Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $167,000. Duncker Streett & Co. Inc. lifted its stake in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after acquiring an additional 17 shares during the period. Cornerstone Advisors Inc. lifted its stake in shares of Fifth Third Bancorp by 14.2% in the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 847 shares during the period. Finally, Fulton Bank N.A. acquired a new position in shares of Fifth Third Bancorp in the second quarter worth approximately $221,000. 79.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 28.15 on Friday. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97. The stock has a market capitalization of $20.74 billion, a PE ratio of 14.27 and a beta of 1.37. The company’s 50-day moving average price is $27.00 and its 200 day moving average price is $25.77.
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, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 earnings per share. Analysts anticipate that Fifth Third Bancorp will post $1.83 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.16 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.27%. Fifth Third Bancorp’s payout ratio is presently 32.49%.
Fifth Third Bancorp announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Frank R. Forrest sold 7,004 shares of the business’s 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 sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.
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FITB has been the topic of a number of recent analyst reports. Instinet lifted their price objective on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, June 30th. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $28.13.
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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