Fiera Capital Corp trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,291 shares of the financial services provider’s stock after selling 28,623 shares during the period. Fiera Capital Corp’s holdings in Fifth Third Bancorp were worth $2,214,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Stephens Inc. AR increased its holdings in Fifth Third Bancorp by 59.4% during the 2nd quarter. Stephens Inc. AR now owns 15,873 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 5,918 shares in the last quarter. Capital Fund Management S.A. increased its holdings in Fifth Third Bancorp by 69.8% during the 2nd quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock valued at $8,339,000 after purchasing an additional 132,047 shares in the last quarter. Aberdeen Asset Management PLC UK increased its holdings in Fifth Third Bancorp by 12.0% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 317,689 shares of the financial services provider’s stock valued at $8,247,000 after purchasing an additional 33,960 shares in the last quarter. HPM Partners LLC increased its holdings in Fifth Third Bancorp by 40.0% during the 2nd quarter. HPM Partners LLC now owns 14,873 shares of the financial services provider’s stock valued at $603,000 after purchasing an additional 4,249 shares in the last quarter. Finally, Twin Tree Management LP increased its holdings in Fifth Third Bancorp by 1,292.7% during the 2nd quarter. Twin Tree Management LP now owns 81,293 shares of the financial services provider’s stock valued at $2,110,000 after purchasing an additional 88,109 shares in the last quarter. 79.58% of the stock is owned by hedge funds and other institutional investors.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.38% of the company’s stock.
Fifth Third Bancorp (FITB) opened at 26.87 on Tuesday. The company has a market capitalization of $19.80 billion, a price-to-earnings ratio of 13.62 and a beta of 1.36. The firm’s 50-day moving average price is $26.46 and its 200 day moving average price is $25.59. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the business posted $0.40 EPS. The business’s revenue was up .1% compared to the same quarter last year. On average, analysts expect that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Several equities research analysts have recently commented on FITB shares. Sanford C. Bernstein reissued a “market perform” rating and issued a $31.00 target price (up from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Wells Fargo & Company started coverage on Fifth Third Bancorp in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.14.
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About Fifth Third Bancorp
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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