Fifth Third Bancorp (FITB) Stake Cut by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 17.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,992,482 shares of the financial services provider’s stock after selling 648,498 shares during the period. Wedge Capital Management L L P NC owned 0.41% of Fifth Third Bancorp worth $77,685,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FITB. Vanguard Group Inc. raised its position in shares of Fifth Third Bancorp by 2.9% in the first quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares during the period. BlackRock Inc. raised its position in shares of Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock valued at $1,243,309,000 after buying an additional 47,483,352 shares during the period. Sanders Capital LLC raised its position in shares of Fifth Third Bancorp by 1.4% in the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock valued at $354,605,000 after buying an additional 189,300 shares during the period. AQR Capital Management LLC raised its position in shares of Fifth Third Bancorp by 87.1% in the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock valued at $236,360,000 after buying an additional 4,332,945 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Fifth Third Bancorp by 8.0% in the first quarter. Geode Capital Management LLC now owns 8,455,254 shares of the financial services provider’s stock valued at $214,494,000 after buying an additional 627,613 shares during the period. Hedge funds and other institutional investors own 80.50% of the company’s stock.

Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.38 on Friday. Fifth Third Bancorp has a 12 month low of $18.94 and a 12 month high of $28.97. The stock has a market capitalization of $19.49 billion, a price-to-earnings ratio of 13.37 and a beta of 1.37. The firm’s 50 day moving average is $26.23 and its 200 day moving average is $25.74.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the business earned $0.40 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts predict that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.

Fifth Third Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.

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Several research analysts have weighed in on the stock. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Wells Fargo & Company initiated coverage on shares of Fifth Third Bancorp in a research note on Wednesday. They issued a “market perform” rating and a $27.00 price objective for the company. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $28.00 price objective (up previously from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.54.

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.

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

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