Laurel Wealth Advisors Inc. cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,605 shares of the financial services provider’s stock after selling 250 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Fifth Third Bancorp were worth $301,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of FITB. Victory Capital Management Inc. raised its holdings in Fifth Third Bancorp by 4.1% in the first quarter. Victory Capital Management Inc. now owns 198,143 shares of the financial services provider’s stock worth $5,032,000 after purchasing an additional 7,738 shares during the period. Neuberger Berman Group LLC raised its holdings in Fifth Third Bancorp by 1.6% in the first quarter. Neuberger Berman Group LLC now owns 60,601 shares of the financial services provider’s stock worth $1,539,000 after purchasing an additional 939 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Fifth Third Bancorp in the first quarter worth $278,000. Wellington Management Group LLP raised its holdings in Fifth Third Bancorp by 149.3% in the first quarter. Wellington Management Group LLP now owns 2,166,765 shares of the financial services provider’s stock worth $55,036,000 after purchasing an additional 1,297,487 shares during the period. Finally, WINTON GROUP Ltd raised its holdings in Fifth Third Bancorp by 54.7% in the first quarter. WINTON GROUP Ltd now owns 1,112,755 shares of the financial services provider’s stock worth $22,767,000 after purchasing an additional 393,420 shares during the period. Institutional investors own 79.58% of the company’s stock.
Several equities research analysts have weighed in on FITB shares. TheStreet upgraded shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Instinet increased their target price on shares of 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 reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have issued a buy rating to the company’s stock. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $28.08.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.
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Shares of Fifth Third Bancorp (FITB) traded down 0.56% during mid-day trading on Wednesday, reaching $28.26. 449,494 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $26.91 and its 200 day moving average price is $25.74. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97. The company has a market cap of $20.82 billion, a PE ratio of 14.35 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current year.
Fifth Third Bancorp announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to buy up to 67% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Thursday, September 28th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s payout ratio is 32.49%.
Fifth Third Bancorp 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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