Farmers & Merchants Investments Inc. held its stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,103 shares of the financial services provider’s stock at the end of the second quarter. Farmers & Merchants Investments Inc.’s holdings in Fifth Third Bancorp were worth $184,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in FITB. Assetmark Inc. raised its stake in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the last quarter. YorkBridge Wealth Partners LLC raised its stake 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 worth $142,000 after buying an additional 298 shares during the last quarter. Sterling Investment Advisors Ltd. raised its stake 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 worth $147,000 after buying an additional 1,000 shares during the last quarter. Finally, Ullmann Financial Group Inc. acquired a new stake in Fifth Third Bancorp during the first quarter worth $167,000. Institutional investors and hedge funds own 80.40% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) opened at 26.59 on Wednesday. The stock has a market cap of $19.65 billion, a price-to-earnings ratio of 13.48 and a beta of 1.37. Fifth Third Bancorp has a 52 week low of $18.25 and a 52 week high of $28.97. The stock’s 50 day moving average price is $25.55 and its 200 day moving average price is $25.71.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 EPS. On average, analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.11%. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.
Fifth Third Bancorp announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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A number of analysts have weighed in on FITB shares. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a research note on Thursday, May 18th. Compass Point upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 29th. They noted that the move was a valuation call. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a research note 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 research note on Tuesday, April 4th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $26.29.
In related news, CAO Teresa J. Tanner sold 54,984 shares of the business’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $24.88, for a total value of $1,368,001.92. Following the sale, the chief accounting officer now owns 41,286 shares in the company, valued at approximately $1,027,195.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Frank R. Forrest sold 13,321 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $24.63, for a total value of $328,096.23. Following the completion of the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,768,261.59. The disclosure for this sale can be found here. Insiders sold a total of 109,315 shares of company stock worth $2,716,947 in the last quarter. Company insiders own 0.38% of the company’s stock.
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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