BlackRock Inc. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,493,372 shares of the financial services provider’s stock after selling 1,455,844 shares during the period. BlackRock Inc. owned 6.43% of Fifth Third Bancorp worth $1,232,930,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in FITB. Toronto Dominion Bank increased its position in Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock worth $5,166,000 after purchasing an additional 72,991 shares during the last quarter. Clinton Group Inc. bought a new stake in Fifth Third Bancorp in the first quarter worth $1,543,000. Prudential Financial Inc. increased its position in Fifth Third Bancorp by 1.5% in the second quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock worth $57,997,000 after purchasing an additional 33,660 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after purchasing an additional 47,254 shares during the last quarter. Finally, Gotham Asset Management LLC bought a new stake in Fifth Third Bancorp in the first quarter worth $303,000. Hedge funds and other institutional investors own 79.60% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.52 on Friday. The stock’s 50 day moving average is $26.45 and its 200-day moving average is $25.63. 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 $19.54 billion, a price-to-earnings ratio of 13.44 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $1.51 billion during 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% on a year-over-year basis. During the same period last year, the company earned $0.40 EPS. On average, analysts anticipate that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In related news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was 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 directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is currently owned by company insiders.
FITB has been the topic of several research reports. Zacks Investment Research upgraded 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 research report on Thursday, July 27th. Morgan Stanley restated an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. BMO Capital Markets restated a “hold” rating and issued a $27.00 price target on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Three equities 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’s stock. The stock has an average rating of “Hold” and an average target price of $27.14.
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.
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