Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 8.4% during the second quarter, Holdings Channel reports. The firm owned 69,730 shares of the financial services provider’s stock after selling 6,400 shares during the period. New Mexico Educational Retirement Board’s holdings in Fifth Third Bancorp were worth $1,862,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased 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. Janus Capital Management LLC increased its position in shares of Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after buying an additional 5,648,401 shares during the period. AQR Capital Management LLC increased 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. Wells Fargo & Company MN increased its position in shares of Fifth Third Bancorp by 128.3% in the first quarter. Wells Fargo & Company MN now owns 4,898,077 shares of the financial services provider’s stock valued at $124,411,000 after buying an additional 2,752,511 shares during the period. Finally, Vanguard Group Inc. increased 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. Hedge funds and other institutional investors own 80.50% of the company’s stock.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.38 on Friday. Fifth Third Bancorp has a one year low of $18.94 and a one year high of $28.97. The stock has a 50 day moving average price of $26.23 and a 200 day moving average price of $25.74. The firm has a market cap of $19.49 billion, a PE ratio of 13.37 and a beta of 1.37.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) 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 firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company posted $0.40 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Equities research analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current year.

Fifth Third Bancorp declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding 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 typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued 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 was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.

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Several research analysts recently weighed in on FITB shares. Instinet boosted their target price on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, June 30th. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Morgan Stanley restated an “equal weight” rating and set a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $26.50 target price on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have given a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and a consensus 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.

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

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