Baird Financial Group Inc. reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 6.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 135,989 shares of the financial services provider’s stock after selling 8,822 shares during the period. Baird Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $3,903,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of FITB. MUFG Americas Holdings Corp bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at $103,000. Well Done LLC bought a new stake in Fifth Third Bancorp during the 1st quarter valued at $114,000. Migdal Insurance & Financial Holdings Ltd. raised its position in Fifth Third Bancorp by 8,368.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,980 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 3,933 shares in the last quarter. Summit Trail Advisors LLC raised its position in Fifth Third Bancorp by 3,223.6% during the 1st quarter. Summit Trail Advisors LLC now owns 127,661 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 123,820 shares in the last quarter. Finally, First Mercantile Trust Co. bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at $149,000. 83.91% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on FITB shares. ValuEngine lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. UBS Group raised Fifth Third Bancorp from a “sell” rating to a “neutral” rating and set a $26.00 target price for the company in a research report on Friday, July 20th. Nomura lowered Fifth Third Bancorp from a “neutral” rating to a “reduce” rating and set a $36.00 target price for the company. in a research report on Monday, May 21st. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, May 28th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $36.00 target price on shares of Fifth Third Bancorp in a research report on Thursday, July 19th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.18.
Shares of NASDAQ:FITB opened at $28.77 on Friday. Fifth Third Bancorp has a 12-month low of $25.98 and a 12-month high of $34.67. The firm has a market capitalization of $19.64 billion, a PE ratio of 10.74, a P/E/G ratio of 1.63 and a beta of 1.25. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. Fifth Third Bancorp had a return on equity of 11.12% and a net margin of 32.86%. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the business posted $0.45 EPS. equities research analysts forecast that Fifth Third Bancorp will post 2.51 EPS for the current year.
About Fifth Third Bancorp
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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