Envestnet Asset Management Inc. lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 17.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 81,623 shares of the financial services provider’s stock after selling 16,790 shares during the period. Envestnet Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $2,282,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Horan Capital Advisors LLC. acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $102,000. Sun Life Financial INC lifted its holdings in Fifth Third Bancorp by 55,050.0% in the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares during the period. HighPoint Advisor Group LLC acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $202,000. Regentatlantic Capital LLC acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $205,000. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Fifth Third Bancorp in the third quarter valued at approximately $217,000. Hedge funds and other institutional investors own 83.97% of the company’s stock.
A number of research analysts have issued reports on FITB shares. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, October 27th. UBS reaffirmed a “sell” rating and set a $26.00 target price (up from $25.00) on shares of Fifth Third Bancorp in a research note on Friday, October 6th. Macquarie downgraded Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $28.47 to $26.00 in a research note on Friday, November 17th. Instinet reaffirmed a “neutral” rating and set a $29.00 target price (up from $28.00) on shares of Fifth Third Bancorp in a research note on Saturday, September 30th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $31.00 target price (up from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday, September 16th. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the stock. Fifth Third Bancorp has a consensus rating of “Hold” and a consensus price target of $28.68.
Shares of Fifth Third Bancorp (FITB) opened at $29.67 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $21,125.10, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 2.50 and a beta of 1.35. Fifth Third Bancorp has a twelve month low of $23.20 and a twelve month high of $31.83.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.48. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. During the same period in the prior year, the business earned $0.65 EPS. equities research analysts anticipate that Fifth Third Bancorp will post 1.79 earnings per share for the current year.
In other news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total transaction of $432,900.00. Following the completion of the transaction, the executive vice president now directly owns 154,577 shares in the company, valued at approximately $4,461,092.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.
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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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