Whitener Capital Management Inc. Acquires 3,050 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Whitener Capital Management Inc. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 167.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,875 shares of the financial services provider’s stock after purchasing an additional 3,050 shares during the quarter. Whitener Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $136,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Executive Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 14.8% during the 1st quarter. Executive Wealth Management LLC now owns 3,390 shares of the financial services provider’s stock worth $85,000 after acquiring an additional 437 shares in the last quarter. AlphaMark Advisors LLC raised its stake in shares of Fifth Third Bancorp by 0.3% during the 1st quarter. AlphaMark Advisors LLC now owns 143,945 shares of the financial services provider’s stock worth $3,630,000 after acquiring an additional 437 shares in the last quarter. NEXT Financial Group Inc raised its stake in shares of Fifth Third Bancorp by 53.9% during the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 443 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in shares of Fifth Third Bancorp by 2.7% during the 2nd quarter. Wetherby Asset Management Inc. now owns 17,396 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 464 shares in the last quarter. Finally, Unison Advisors LLC raised its stake in shares of Fifth Third Bancorp by 0.8% during the 2nd quarter. Unison Advisors LLC now owns 56,892 shares of the financial services provider’s stock worth $1,601,000 after acquiring an additional 472 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Several research analysts recently commented on FITB shares. Raymond James boosted their price objective on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price objective on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Co boosted their price objective on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 4th. Citigroup lowered shares of Fifth Third Bancorp from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $31.00 to $30.00 in a research note on Friday, July 12th. Finally, ValuEngine lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.27.

In other Fifth Third Bancorp news, COO Lars C. Anderson sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total transaction of $743,750.00. Following the sale, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total transaction of $99,120.89. Following the sale, the director now directly owns 50,397 shares in the company, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

NASDAQ:FITB traded up $0.45 during trading hours on Friday, hitting $25.67. 5,220,500 shares of the company were exchanged, compared to its average volume of 5,736,023. The stock has a market capitalization of $18.42 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 1.25 and a beta of 1.32. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $30.31. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. The company’s 50 day moving average price is $27.96 and its 200-day moving average price is $27.39.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. During the same quarter in the previous year, the firm earned $0.63 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 2.81 earnings per share for the current year.

Fifth Third Bancorp announced that its board has authorized a stock repurchase program on Tuesday, June 18th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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