Foster & Motley Inc. raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 19.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,836 shares of the financial services provider’s stock after buying an additional 1,900 shares during the period. Foster & Motley Inc.’s holdings in Fifth Third Bancorp were worth $307,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. 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 in the last quarter. Janus Capital Management LLC increased its position in 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 worth $166,511,000 after buying an additional 5,648,401 shares in 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 in the last quarter. 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. 80.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.11 on Friday. The firm has a 50-day moving average of $26.26 and a 200 day moving average of $25.73. The company has a market capitalization of $19.29 billion, a PE ratio of 13.23 and a beta of 1.37. Fifth Third Bancorp has a 12 month low of $18.95 and a 12 month high of $28.97.
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 (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is 28.43%.
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Several brokerages have recently issued reports on FITB. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Wells Fargo & Company began coverage on shares of Fifth Third Bancorp in a report on Wednesday. They set a “market perform” rating and a $27.00 price target for the company. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned 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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