Flinton Capital Management LLC Cuts Holdings in Fifth Third Bancorp (FITB)
Flinton Capital Management LLC lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 18.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 181,664 shares of the financial services provider’s stock after selling 39,760 shares during the quarter. Flinton Capital Management LLC’s holdings in Fifth Third Bancorp were worth $4,716,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of FITB. BlackRock Inc. boosted its position in Fifth Third Bancorp by 3,239.3% during the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after purchasing an additional 47,483,352 shares during the period. Janus Capital Management LLC boosted its position in Fifth Third Bancorp by 622.7% during the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock worth $166,511,000 after purchasing an additional 5,648,401 shares during the period. AQR Capital Management LLC boosted its position in Fifth Third Bancorp by 87.1% during the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after purchasing an additional 4,332,945 shares during the period. Balyasny Asset Management LLC boosted its position in Fifth Third Bancorp by 265.3% during the second quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock worth $99,198,000 after purchasing an additional 2,775,259 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its position in Fifth Third Bancorp by 97.5% during the second quarter. Parametric Portfolio Associates LLC now owns 3,382,624 shares of the financial services provider’s stock worth $87,813,000 after purchasing an additional 1,670,055 shares during the period. Hedge funds and other institutional investors own 79.58% of the company’s stock.
A number of brokerages have weighed in on FITB. Instinet reiterated a “neutral” rating and set a $29.00 target price (up previously from $28.00) on shares of Fifth Third Bancorp in a research report on Saturday, September 30th. Robert W. Baird lowered shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price objective for the company. in a research report on Monday. Nomura raised their price objective on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. BMO Capital Markets restated a “hold” rating and issued a $29.00 price objective on shares of Fifth Third Bancorp in a research report on Thursday. Finally, Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Monday, September 25th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $27.86.
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Shares of Fifth Third Bancorp (NASDAQ:FITB) traded up 0.72% during trading on Thursday, reaching $28.01. The company’s stock had a trading volume of 558,962 shares. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The firm’s 50-day moving average is $26.70 and its 200-day moving average is $25.64. The stock has a market capitalization of $20.64 billion, a PE ratio of 14.20 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. Equities analysts expect that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 32.49%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is currently owned by company insiders.
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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