World Asset Management Inc lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 13.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,338 shares of the financial services provider’s stock after selling 10,672 shares during the period. World Asset Management Inc’s holdings in Fifth Third Bancorp were worth $1,774,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of FITB. River Wealth Advisors LLC raised its position in Fifth Third Bancorp by 2.1% in the second quarter. River Wealth Advisors LLC now owns 82,750 shares of the financial services provider’s stock valued at $2,148,000 after buying an additional 1,726 shares during the period. JFS Wealth Advisors LLC raised its stake in shares of Fifth Third Bancorp by 15.4% in the second quarter. JFS Wealth Advisors LLC now owns 10,107 shares of the financial services provider’s stock worth $262,000 after buying an additional 1,346 shares during the last quarter. Opus Investment Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $337,000. CIBC Asset Management Inc raised its stake in shares of Fifth Third Bancorp by 1.3% in the second quarter. CIBC Asset Management Inc now owns 83,462 shares of the financial services provider’s stock worth $2,167,000 after buying an additional 1,062 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of Fifth Third Bancorp by 33.9% in the second quarter. Great West Life Assurance Co. Can now owns 825,256 shares of the financial services provider’s stock worth $21,408,000 after buying an additional 208,963 shares during the last quarter. 81.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Fifth Third Bancorp (FITB) opened at 26.33 on Friday. Fifth Third Bancorp has a 52-week low of $19.34 and a 52-week high of $28.97. The firm’s 50-day moving average is $26.46 and its 200 day moving average is $25.73. The stock 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 posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company’s revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. Equities analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
FITB has been the subject of a number of recent research reports. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research note on Thursday, July 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. BMO Capital Markets reiterated a “hold” rating and issued a $27.00 price objective on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $27.50 target price on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. 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 stock. Fifth Third Bancorp has an average rating of “Hold” and a consensus target price of $26.54.
Fifth Third Bancorp Company Profile
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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