Fifth Third Bancorp (NASDAQ:FITB) Position Decreased by Hartford Investment Management Co.

Hartford Investment Management Co. decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 169,965 shares of the financial services provider’s stock after selling 8,416 shares during the period. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $4,412,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Duncker Streett & Co. Inc. raised its position in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares during the period. Diversified Trust Co raised its stake in shares of Fifth Third Bancorp by 0.3% in the first quarter. Diversified Trust Co now owns 10,157 shares of the financial services provider’s stock worth $258,000 after buying an additional 32 shares during the last quarter. Assetmark Inc. raised its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Bragg Financial Advisors Inc raised its stake in shares of Fifth Third Bancorp by 0.4% in the first quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock worth $317,000 after buying an additional 55 shares during the last quarter. Finally, Catawba Capital Management VA raised its stake in shares of Fifth Third Bancorp by 0.6% in the second quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock worth $277,000 after buying an additional 65 shares during the last quarter. 81.26% of the stock is currently owned by institutional investors.

Shares of Fifth Third Bancorp (FITB) traded up 0.27% during trading on Friday, reaching $26.33. 8,551,131 shares of the company’s stock traded hands. Fifth Third Bancorp has a 1-year low of $19.34 and a 1-year high of $28.97. The stock has a 50-day moving average of $26.46 and a 200-day moving average of $25.73. The company has a market capitalization of $19.40 billion, a price-to-earnings ratio of 13.35 and a beta of 1.37.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities analysts predict that Fifth Third Bancorp will post $1.82 EPS for the current fiscal 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 buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 67% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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A number of analysts recently issued reports on FITB shares. BMO Capital Markets reiterated a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, April 25th. Royal Bank Of Canada reiterated a “buy” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Thursday, May 18th. TheStreet downgraded shares of Fifth Third Bancorp from a “b” rating to a “c+” rating in a research note on Friday, May 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Finally, Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Monday, June 5th. 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 presently has an average rating of “Hold” and a consensus price target 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.

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

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