Riverhead Capital Management LLC Has $4.22 Million Holdings in Fifth Third Bancorp (FITB)

Riverhead Capital Management LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 18.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,353 shares of the financial services provider’s stock after selling 35,747 shares during the quarter. Riverhead Capital Management LLC’s holdings in Fifth Third Bancorp were worth $4,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of FITB. Capital Fund Management S.A. increased its holdings in shares of Fifth Third Bancorp by 69.8% in the second quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock worth $8,339,000 after purchasing an additional 132,047 shares during the period. Aberdeen Asset Management PLC UK increased its holdings in shares of Fifth Third Bancorp by 12.0% in the second quarter. Aberdeen Asset Management PLC UK now owns 317,689 shares of the financial services provider’s stock worth $8,247,000 after purchasing an additional 33,960 shares during the period. HPM Partners LLC increased its holdings in shares of Fifth Third Bancorp by 40.0% in the second quarter. HPM Partners LLC now owns 14,873 shares of the financial services provider’s stock worth $603,000 after purchasing an additional 4,249 shares during the period. Twin Tree Management LP increased its holdings in shares of Fifth Third Bancorp by 1,292.7% in the second quarter. Twin Tree Management LP now owns 81,293 shares of the financial services provider’s stock worth $2,110,000 after purchasing an additional 88,109 shares during the period. Finally, CIBC World Markets Inc. increased its holdings in shares of Fifth Third Bancorp by 3.2% in the second quarter. CIBC World Markets Inc. now owns 99,522 shares of the financial services provider’s stock worth $2,584,000 after purchasing an additional 3,127 shares during the period. 79.60% of the stock is currently owned by institutional investors and hedge funds.

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FITB has been the topic of several research analyst reports. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Thursday, July 27th. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $26.54.

Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.07 on Wednesday. The firm’s 50-day moving average is $26.45 and its 200 day moving average is $25.64. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97. The stock has a market capitalization of $19.21 billion, a price-to-earnings ratio of 13.21 and a beta of 1.36.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm posted $0.40 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current year.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In other news, EVP Frank R. Forrest sold 7,004 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.38% of the company’s stock.

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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