Reinhart Partners Inc. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 797,406 shares of the financial services provider’s stock after selling 69,647 shares during the period. Fifth Third Bancorp makes up approximately 2.1% of Reinhart Partners Inc.’s holdings, making the stock its 28th largest position. Reinhart Partners Inc. owned 0.11% of Fifth Third Bancorp worth $20,701,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in FITB. Assetmark Inc. increased its stake in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the last quarter. Sterling Investment Advisors Ltd. boosted its position in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the last quarter. Finally, Ullmann Financial Group Inc. acquired a new position in Fifth Third Bancorp during the first quarter worth about $167,000. Institutional investors and hedge funds own 80.50% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded down 1.02% during midday trading on Friday, reaching $26.11. The company had a trading volume of 4,345,297 shares. The firm has a market capitalization of $19.29 billion, a P/E ratio of 13.23 and a beta of 1.37. Fifth Third Bancorp has a one year low of $18.95 and a one year high of $28.97. The company has a 50 day moving average price of $26.26 and a 200-day moving average price of $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts anticipate that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were issued a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.14%. Fifth Third Bancorp’s payout ratio is 28.43%.
Fifth Third Bancorp declared that its board has authorized a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
WARNING: This story was originally posted by Community Financial News and is the property of of Community Financial News. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.com-unik.info/2017/08/11/fifth-third-bancorp-fitb-position-decreased-by-reinhart-partners-inc-updated-updated-updated.html.
A number of research firms have issued reports on FITB. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a research note on Friday, July 14th. TheStreet cut Fifth Third Bancorp from a “b” rating to a “c+” rating in a research report on Friday, May 26th. BMO Capital Markets reaffirmed a “market perform” rating and set a $28.00 price objective (up from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price objective for the company in a research report on Monday, June 5th. Finally, Wells Fargo & Company initiated coverage on Fifth Third Bancorp in a research report on Wednesday. They set a “market perform” rating and a $27.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have issued a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $26.54.
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.
What are top analysts saying about Fifth Third Bancorp? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Fifth Third Bancorp and related companies.