Bowling Portfolio Management LLC Has $2.50 Million Stake in Fifth Third Bancorp (FITB)

Bowling Portfolio Management LLC reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 96,287 shares of the financial services provider’s stock after selling 215 shares during the period. Bowling Portfolio Management LLC’s holdings in Fifth Third Bancorp were worth $2,500,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 worth $1,453,952,000 after buying an additional 1,608,632 shares in the last quarter. BlackRock Inc. increased its stake 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 worth $1,243,309,000 after buying an additional 47,483,352 shares in the last quarter. Sanders Capital LLC increased its stake in shares of 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 in the last quarter. AQR Capital Management LLC increased its stake 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 worth $236,360,000 after buying an additional 4,332,945 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of 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 in the last quarter. 81.26% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp (FITB) opened at 26.33 on Friday. The stock has a 50 day moving average price of $26.46 and a 200 day moving average price of $25.73. The stock has a market cap of $19.40 billion, a price-to-earnings ratio of 13.35 and a beta of 1.37. Fifth Third Bancorp has a 52-week low of $19.34 and a 52-week high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.

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

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A number of brokerages have commented on FITB. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $27.50 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. TheStreet cut shares of Fifth Third Bancorp from a “b” rating to a “c+” rating in a research report on Friday, May 26th. BMO Capital Markets reiterated a “market perform” rating and set a $28.00 price target (up from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Robert W. Baird upgraded shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Monday, June 5th. Finally, Wells Fargo & Company began coverage on shares of Fifth Third Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the company. The stock currently has an average 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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