Hengehold Capital Management LLC maintained its position in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,055 shares of the financial services provider’s stock at the end of the second quarter. Hengehold Capital Management LLC’s holdings in Fifth Third Bancorp were worth $287,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock valued at $1,243,309,000 after buying an additional 47,483,352 shares during the period. Janus Capital Management LLC raised its position in Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after buying an additional 5,648,401 shares during the period. AQR Capital Management LLC raised its position in Fifth Third Bancorp by 87.1% in the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock valued at $236,360,000 after buying an additional 4,332,945 shares during the period. Wells Fargo & Company MN raised its position in Fifth Third Bancorp by 128.3% in the first quarter. Wells Fargo & Company MN now owns 4,898,077 shares of the financial services provider’s stock valued at $124,411,000 after buying an additional 2,752,511 shares during the period. Finally, Vanguard Group Inc. raised its position in Fifth Third Bancorp by 2.9% in the first quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares during the period. 80.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded down 1.02% on Friday, reaching $26.11. The company had a trading volume of 4,345,297 shares. The company’s 50-day moving average is $26.26 and its 200 day moving average is $25.73. Fifth Third Bancorp has a 12 month low of $18.94 and a 12 month high of $28.97. The firm has a market capitalization of $19.24 billion, a PE ratio of 13.23 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) 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 business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the firm posted $0.40 EPS. Fifth Third Bancorp’s quarterly revenue was up .1% compared to the same quarter last year. Equities analysts forecast that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.14%. Fifth Third Bancorp’s payout ratio is presently 28.43%.
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Several equities analysts recently commented on FITB shares. Instinet boosted their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, June 30th. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley restated an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $26.50 price objective on shares of Fifth Third Bancorp in a report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company. Fifth Third Bancorp has an average rating of “Hold” and an average target price of $26.54.
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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