Icon Advisers Inc. Co. Lowers Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Icon Advisers Inc. Co. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 40.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 74,502 shares of the financial services provider’s stock after selling 50,100 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Fifth Third Bancorp were worth $2,079,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FITB. Dimensional Fund Advisors LP boosted its position in Fifth Third Bancorp by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after purchasing 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% during 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% during 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 acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth $202,000. Finally, IFM Investors Pty Ltd increased its holdings in shares of Fifth Third Bancorp by 10.1% during 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. Institutional investors own 82.44% of the company’s stock.

Fifth Third Bancorp stock traded up $0.45 during trading on Friday, reaching $25.67. 5,220,500 shares of the company’s stock were exchanged, compared to its average volume of 5,694,213. The company’s 50-day moving average is $27.96 and its two-hundred day moving average is $27.39. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.90. Fifth Third Bancorp has a 52-week low of $22.12 and a 52-week high of $30.31. The firm has a market cap of $18.75 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 1.27 and a beta of 1.32.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share 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 prior year, the company earned $0.63 EPS. Analysts anticipate that Fifth Third Bancorp will post 2.81 EPS for the current year.

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

A number of analysts have recently commented on the company. Nomura set a $29.00 price objective on Fifth Third Bancorp and gave the stock a “hold” rating in a report on Friday, July 26th. Barclays upped their price objective on Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 24th. Wedbush upped their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. dropped their price objective on Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $31.27.

In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the transaction, the director now directly owns 50,397 shares of the company’s stock, valued at approximately $1,336,024.47. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Lars C. Anderson sold 25,000 shares of the company’s 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 $7,186,975.25. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.

Recommended Story: Elliott Wave Theory

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB).

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

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.