Financial Engines Advisors L.L.C. Sells 6,846 Shares of Fifth Third Bancorp (FITB)

Financial Engines Advisors L.L.C. reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,055 shares of the financial services provider’s stock after selling 6,846 shares during the period. Fifth Third Bancorp accounts for about 0.1% of Financial Engines Advisors L.L.C.’s portfolio, making the stock its 26th largest position. Financial Engines Advisors L.L.C.’s holdings in Fifth Third Bancorp were worth $2,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in 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 worth $1,453,952,000 after buying an additional 1,608,632 shares during the last quarter. BlackRock Inc. increased its position in 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 worth $1,243,309,000 after buying an additional 47,483,352 shares during the last quarter. Sanders Capital LLC increased its position in 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 worth $354,605,000 after buying an additional 189,300 shares during the last quarter. AQR Capital Management LLC increased its position in 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 worth $236,360,000 after buying an additional 4,332,945 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in 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 worth $214,494,000 after buying an additional 627,613 shares during the last quarter. Institutional investors own 80.50% of the company’s stock.

Fifth Third Bancorp (FITB) opened at 26.38 on Friday. 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 has a 52 week low of $18.94 and a 52 week high of $28.97. The stock has a 50 day moving average of $26.23 and a 200 day moving average of $25.74.

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

Fifth Third Bancorp declared that its board has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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

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FITB has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Thursday, July 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. BMO Capital Markets reiterated a “hold” rating and issued a $27.00 price objective on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have given a buy rating to the company. Fifth Third Bancorp presently has an average rating of “Hold” and an average 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.

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

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