Reinhart Partners Inc. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 556,826 shares of the financial services provider’s stock after selling 6,668 shares during the quarter. Reinhart Partners Inc. owned approximately 0.08% of Fifth Third Bancorp worth $15,246,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in FITB. Lido Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 0.9% during the 2nd quarter. Lido Advisors LLC now owns 41,677 shares of the financial services provider’s stock valued at $1,172,000 after purchasing an additional 392 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in Fifth Third Bancorp by 5.8% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,335 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 401 shares during the last quarter. Commerce Bank raised its stake in Fifth Third Bancorp by 2.3% in the 2nd quarter. Commerce Bank now owns 18,210 shares of the financial services provider’s stock worth $508,000 after acquiring an additional 414 shares during the last quarter. M&T Bank Corp raised its stake in Fifth Third Bancorp by 0.7% in the 2nd quarter. M&T Bank Corp now owns 62,087 shares of the financial services provider’s stock worth $1,732,000 after acquiring an additional 442 shares during the last quarter. Finally, NEXT Financial Group Inc raised its stake in Fifth Third Bancorp by 53.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 443 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the company. Bank of America raised their target price on Fifth Third Bancorp from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Citigroup reduced their target price on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Wedbush restated an “outperform” rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, October 23rd. Finally, Cfra upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. Fifth Third Bancorp has a consensus rating of “Buy” and an average target price of $31.43.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the company posted $0.64 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 2.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 37.80%.
In other news, Director Evan Bayh purchased 4,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $25.93 per share, with a total value of $103,720.00. Following the transaction, the director now owns 48,517 shares in the company, valued at $1,258,045.81. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Timothy Spence sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the sale, the executive vice president now directly owns 152,672 shares in the company, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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