Rothschild Investment Corp IL lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 29.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 24,330 shares of the financial services provider’s stock after selling 10,330 shares during the quarter. Rothschild Investment Corp IL’s holdings in Fifth Third Bancorp were worth $666,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in FITB. Envestnet Asset Management Inc. raised its position in Fifth Third Bancorp by 13.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 210,305 shares of the financial services provider’s stock worth $5,304,000 after buying an additional 25,281 shares during the last quarter. Principal Financial Group Inc. raised its position in Fifth Third Bancorp by 16.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,201,349 shares of the financial services provider’s stock worth $30,298,000 after buying an additional 168,195 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Fifth Third Bancorp by 7.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 212,206 shares of the financial services provider’s stock worth $5,351,000 after buying an additional 14,163 shares during the last quarter. Lazard Asset Management LLC raised its position in Fifth Third Bancorp by 11.9% during the 1st quarter. Lazard Asset Management LLC now owns 596,430 shares of the financial services provider’s stock worth $15,041,000 after buying an additional 63,480 shares during the last quarter. Finally, Andra AP fonden purchased a new position in Fifth Third Bancorp during the 1st quarter worth approximately $6,434,000. 78.04% of the stock is currently owned by hedge funds and other institutional investors.
Fifth Third Bancorp stock opened at $26.85 on Friday. The company’s fifty day moving average price is $26.84 and its 200 day moving average price is $27.27. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $30.20. The stock has a market capitalization of $19.61 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.27 and a beta of 1.38. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.90.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations 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 last year, the company earned $0.63 EPS. Sell-side analysts predict that Fifth Third Bancorp will post 2.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.58%. Fifth Third Bancorp’s payout ratio is currently 37.80%.
Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase plan on Tuesday, June 18th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
A number of research firms have issued reports on FITB. Raymond James raised their price target on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Citigroup dropped their price objective on shares of Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday. Nomura set a $29.00 price objective on shares of Fifth Third Bancorp and gave the stock a “hold” rating in a research note on Friday, July 26th. BidaskClub cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Bank of America raised shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Friday. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $31.23.
In other Fifth Third Bancorp news, COO Lars C. Anderson sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total value of $743,750.00. Following the transaction, the chief operating officer now owns 241,579 shares in the company, valued at approximately $7,186,975.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the transaction, the executive vice president now owns 152,672 shares in the company, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Fifth Third Bancorp Company 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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