Canal Capital Management LLC Has $1.57 Million Position in Fifth Third Bancorp (FITB)

Canal Capital Management LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 17.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Fox Run Management L.L.C. bought a new position in Fifth Third Bancorp during the first quarter valued at $439,000. Parametrica Management Ltd bought a new position in Fifth Third Bancorp during the first quarter valued at $457,000. Quadrant Capital Group LLC raised 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 valued at $138,000 after buying an additional 370 shares during the last quarter. Gulf International Bank UK Ltd raised its position in Fifth Third Bancorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 247,268 shares of the financial services provider’s stock valued at $6,280,000 after buying an additional 3,100 shares during the last quarter. Finally, Creative Planning raised its position in Fifth Third Bancorp by 0.8% in the first quarter. Creative Planning now owns 83,743 shares of the financial services provider’s stock valued at $2,127,000 after buying an additional 641 shares during the last quarter. 80.50% of the stock is currently owned by institutional investors.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.11 on Friday. Fifth Third Bancorp has a one year low of $18.95 and a one year high of $28.97. The firm has a market capitalization of $19.29 billion, a P/E ratio of 13.23 and a beta of 1.37. The firm’s 50-day moving average price is $26.26 and its 200 day moving average price is $25.73.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.52 billion. During the same period last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan 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 repurchase up to 67% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed 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. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.14%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.

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Several equities research analysts have issued reports on FITB shares. Instinet increased their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, June 30th. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Morgan Stanley reissued an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $26.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Three equities 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. The stock has a consensus rating of “Hold” and an average target price 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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