Quantitative Investment Management LLC reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 58.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 185,000 shares of the financial services provider’s stock after selling 264,000 shares during the quarter. Quantitative Investment Management LLC’s holdings in Fifth Third Bancorp were worth $5,612,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. BlueCrest Capital Management Ltd lifted its position in shares of Fifth Third Bancorp by 2,735.8% in the 4th quarter. BlueCrest Capital Management Ltd now owns 242,005 shares of the financial services provider’s stock worth $7,342,000 after buying an additional 233,471 shares during the last quarter. Profund Advisors LLC lifted its position in Fifth Third Bancorp by 63.8% in the 4th quarter. Profund Advisors LLC now owns 44,216 shares of the financial services provider’s stock valued at $1,342,000 after purchasing an additional 17,219 shares during the last quarter. Focused Wealth Management Inc bought a new stake in Fifth Third Bancorp in the 4th quarter valued at about $197,000. Pitcairn Co. lifted its position in Fifth Third Bancorp by 41.5% in the 4th quarter. Pitcairn Co. now owns 28,618 shares of the financial services provider’s stock valued at $868,000 after purchasing an additional 8,388 shares during the last quarter. Finally, Koch Industries Inc. lifted its position in Fifth Third Bancorp by 499.1% in the 4th quarter. Koch Industries Inc. now owns 52,217 shares of the financial services provider’s stock valued at $1,584,000 after purchasing an additional 43,501 shares during the last quarter. Institutional investors own 83.82% of the company’s stock.
FITB has been the topic of several recent research reports. Macquarie downgraded shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $28.47 to $26.00 in a research report on Friday, November 17th. 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 report on Wednesday, December 13th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, January 8th. Oppenheimer reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Thursday, December 7th. Finally, Barclays lifted their price objective on shares of Fifth Third Bancorp from $31.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $30.70.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.05. Fifth Third Bancorp had a net margin of 27.08% and a return on equity of 9.65%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the firm earned $0.49 EPS. sell-side analysts anticipate that Fifth Third Bancorp will post 2.3 earnings per share for the current fiscal year.
The business 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 dividend yield of 1.88%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 22.46%.
Fifth Third Bancorp declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 27th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Fifth Third Bancorp news, SVP Mark D. Hazel sold 7,500 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $32.81, for a total transaction of $246,075.00. Following the sale, the senior vice president now directly owns 62,254 shares in the company, valued at approximately $2,042,553.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Emerson L. Brumback sold 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 53,143 shares in the company, valued at approximately $1,777,101.92. The disclosure for this sale can be found here. Insiders have sold a total of 179,410 shares of company stock worth $5,879,506 over the last 90 days. 0.40% of the stock is owned by insiders.
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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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