Canal Capital Management LLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 17.0% during the second quarter, Holdings Channel reports. The fund owned 60,325 shares of the financial services provider’s stock after buying an additional 8,775 shares during the period. Canal Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,566,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Wealthfront Inc. boosted its position in shares of Fifth Third Bancorp by 2.9% in the fourth quarter. Wealthfront Inc. now owns 17,259 shares of the financial services provider’s stock worth $465,000 after buying an additional 492 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Fifth Third Bancorp by 8.4% in the fourth quarter. Teachers Advisors LLC now owns 1,415,367 shares of the financial services provider’s stock worth $38,172,000 after buying an additional 109,912 shares in the last quarter. Kentucky Retirement Systems acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $1,479,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $660,000. Finally, Macquarie Group Ltd. boosted its position in shares of Fifth Third Bancorp by 2.6% in the fourth quarter. Macquarie Group Ltd. now owns 430,550 shares of the financial services provider’s stock worth $11,612,000 after buying an additional 10,850 shares in the last quarter. 80.47% of the stock is currently owned by institutional investors and hedge funds.
Fifth Third Bancorp (NASDAQ:FITB) traded up 0.31% during trading on Monday, reaching $26.16. 4,487,220 shares of the company were exchanged. The firm has a 50-day moving average of $24.66 and a 200-day moving average of $25.83. The firm has a market cap of $19.63 billion, a price-to-earnings ratio of 13.68 and a beta of 1.36. Fifth Third Bancorp has a 52-week low of $18.16 and a 52-week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.38 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. Fifth Third Bancorp had a net margin of 22.64% and a return on equity of 10.12%. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post $1.79 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback 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 buy up to 67% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is presently 29.17%.
A number of brokerages have issued reports on FITB. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Hilliard Lyons raised shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $27.00 target price on the stock in a report on Monday, March 20th. Jefferies Group LLC reissued a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $27.50 price target on shares of Fifth Third Bancorp in a report on Friday. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $26.24.
In other news, EVP Frank R. Forrest sold 13,321 shares of the stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $24.63, for a total transaction of $328,096.23. Following the completion of the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,768,261.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Teresa J. Tanner sold 54,984 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $24.88, for a total transaction of $1,368,001.92. Following the sale, the chief accounting officer now directly owns 41,286 shares of the company’s stock, valued at approximately $1,027,195.68. The disclosure for this sale can be found here. Insiders sold 109,315 shares of company stock valued at $2,716,947 in the last ninety days. Insiders own 0.38% of the company’s stock.
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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