Highstreet Asset Management Inc. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 22.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,334 shares of the financial services provider’s stock after selling 8,378 shares during the period. Highstreet Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $715,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 82.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock worth $25,000 after buying an additional 487 shares in the last quarter. Whitnell & Co. purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $28,000. Guidant Wealth Advisors purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $38,000. Finally, First Command Bank grew its holdings in shares of Fifth Third Bancorp by 2,825.0% in the first quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,582 shares during the period. 81.82% of the stock is currently owned by institutional investors.
In related news, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the transaction, the director now directly owns 50,397 shares in the company, valued at approximately $1,336,024.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Teresa J. Tanner sold 55,600 shares of Fifth Third Bancorp stock in a transaction on Monday, April 15th. The shares were sold at an average price of $27.47, for a total transaction of $1,527,332.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,466 shares of company stock worth $1,716,402. 0.40% of the stock is owned by corporate insiders.
Shares of NASDAQ:FITB opened at $27.26 on Thursday. The company has a 50 day moving average price of $27.25. The firm has a market capitalization of $19.96 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 1.35 and a beta of 1.36. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $30.31. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter last year, the company earned $0.57 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 2.81 EPS for the current fiscal 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 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.52%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 34.65%.
A number of brokerages recently issued reports on FITB. BidaskClub lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 14th. Sandler O’Neill raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Tuesday, March 12th. Keefe, Bruyette & Woods raised shares of Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 target price for the company in a research note on Thursday, April 4th. Finally, Barclays increased their target price on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $31.29.
Fifth Third Bancorp Company Profile
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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