Conning Inc. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,034 shares of the financial services provider’s stock after selling 150 shares during the period. Conning Inc.’s holdings in Fifth Third Bancorp were worth $598,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the stock. Assetmark Inc. raised its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after buying an additional 32 shares during the last quarter. YorkBridge Wealth Partners LLC raised its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock valued at $142,000 after buying an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. raised its position in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,000 shares in the last quarter. Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp during the first quarter valued at $167,000. Finally, Duncker Streett & Co. Inc. raised its position in Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 81.26% of the company’s stock.
Fifth Third Bancorp (NASDAQ FITB) opened at 26.83 on Thursday. The stock’s 50 day moving average price is $26.43 and its 200-day moving average price is $25.73. Fifth Third Bancorp has a 52-week low of $19.34 and a 52-week high of $28.97. The company has a market capitalization of $19.77 billion, a P/E ratio of 13.60 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last posted its 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. 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 in the prior year, the company earned $0.40 EPS. Fifth Third Bancorp’s revenue was up .1% on a year-over-year basis. Analysts predict that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
Fifth Third Bancorp declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
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Several analysts recently commented on the stock. 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 assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $27.00 price target for the company. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reaffirmed 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 reaffirmed 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 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. Fifth Third Bancorp has an average 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.
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