Employers Holdings Inc. Purchases New Stake in Fifth Third Bancorp (NASDAQ:FITB)

Employers Holdings Inc. purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,200 shares of the financial services provider’s stock, valued at approximately $117,000.

Several other hedge funds have also recently bought and sold shares of FITB. Dimensional Fund Advisors LP increased its holdings in shares of Fifth Third Bancorp by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after buying an additional 988,392 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Fifth Third Bancorp by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after buying an additional 574,887 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of Fifth Third Bancorp by 19.8% in the 1st quarter. Retirement Systems of Alabama now owns 368,049 shares of the financial services provider’s stock worth $9,282,000 after buying an additional 60,755 shares during the last quarter. Pennsylvania Trust Co bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $202,000. Finally, IFM Investors Pty Ltd increased its holdings in shares of Fifth Third Bancorp by 10.1% in the 1st quarter. IFM Investors Pty Ltd now owns 43,121 shares of the financial services provider’s stock worth $1,088,000 after buying an additional 3,948 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

In related news, COO Lars C. Anderson sold 25,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total transaction of $743,750.00. Following the completion of the transaction, the chief operating officer now directly owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $26.51, for a total transaction of $99,120.89. Following the transaction, the director now directly owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Shares of FITB stock traded up $0.45 during trading hours on Friday, reaching $25.67. 5,220,500 shares of the stock were exchanged, compared to its average volume of 5,694,213. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.31. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The company’s 50-day moving average price is $27.96 and its 200-day moving average price is $27.39. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 1.27 and a beta of 1.32.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the previous year, the company earned $0.63 EPS. On average, sell-side analysts expect that Fifth Third Bancorp will post 2.81 EPS for the current year.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Tuesday, June 18th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

FITB has been the topic of a number of research reports. ValuEngine downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. UBS Group boosted their target price on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Nomura set a $29.00 target price on shares of Fifth Third Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Citigroup downgraded shares of Fifth Third Bancorp from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $31.00 to $30.00 in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $31.27.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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

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