Scotia Capital Inc. trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 75,072 shares of the financial services provider’s stock after selling 2,217 shares during the period. Scotia Capital Inc.’s holdings in Fifth Third Bancorp were worth $2,278,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sanders Capital LLC lifted its position in Fifth Third Bancorp by 1.1% during the fourth quarter. Sanders Capital LLC now owns 13,300,838 shares of the financial services provider’s stock valued at $428,100,000 after purchasing an additional 148,300 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Fifth Third Bancorp by 0.9% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,370,533 shares of the financial services provider’s stock valued at $206,228,000 after acquiring an additional 68,086 shares during the period. Wells Fargo & Company MN increased its stake in Fifth Third Bancorp by 4.3% in the 4th quarter. Wells Fargo & Company MN now owns 6,281,010 shares of the financial services provider’s stock worth $190,564,000 after buying an additional 256,235 shares during the period. Russell Investments Group Ltd. increased its stake in Fifth Third Bancorp by 3.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,083,708 shares of the financial services provider’s stock worth $114,232,000 after buying an additional 118,177 shares during the period. Finally, Legal & General Group Plc increased its stake in Fifth Third Bancorp by 1.8% in the 3rd quarter. Legal & General Group Plc now owns 3,942,017 shares of the financial services provider’s stock worth $110,295,000 after buying an additional 71,404 shares during the period. 83.82% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on FITB. BidaskClub raised shares of Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. Bank of America lifted their target price on shares of Fifth Third Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 24th. Morgan Stanley lifted their price objective on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $35.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, January 24th. Finally, Macquarie lowered shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and cut their target price for the company from $28.47 to $26.00 in a report on Friday, November 17th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $30.70.
In other news, Director Emerson L. Brumback sold 3,000 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $33.44, for a total transaction of $100,320.00. Following the sale, the director now directly owns 53,143 shares of the company’s stock, valued at $1,777,101.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Mark D. Hazel sold 7,500 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $32.81, for a total value of $246,075.00. Following the sale, the senior vice president now directly owns 62,254 shares in the company, valued at $2,042,553.74. The disclosure for this sale can be found here. Insiders have sold a total of 179,410 shares of company stock valued at $5,879,506 in the last quarter. 0.40% of the stock is currently owned by insiders.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded up $0.30 during midday trading on Friday, hitting $33.87. The stock had a trading volume of 1,681,066 shares, compared to its average volume of 5,068,039. Fifth Third Bancorp has a 1-year low of $23.20 and a 1-year high of $34.57. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.99. The company has a market cap of $23,096.33, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 1.86 and a beta of 1.31.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.05. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business earned $0.49 EPS. research analysts forecast that Fifth Third Bancorp will post 2.3 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.64 dividend on an annualized basis and a yield of 1.89%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 22.46%.
Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Tuesday, February 27th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
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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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