Raymond James Financial Services Advisors Inc. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,012 shares of the financial services provider’s stock after selling 5,281 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fifth Third Bancorp were worth $1,636,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of FITB. BlackRock Inc. grew its holdings in shares of Fifth Third Bancorp by 3,239.3% during the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after buying an additional 47,483,352 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Fifth Third Bancorp by 7,461.4% during the second quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock worth $197,608,000 after buying an additional 7,511,357 shares in the last quarter. Janus Capital Management LLC grew its stake 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 purchasing an additional 5,648,401 shares in the last quarter. AQR Capital Management LLC grew its stake 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 purchasing an additional 4,332,945 shares in the last quarter. Finally, Balyasny Asset Management LLC grew its stake in Fifth Third Bancorp by 265.3% in the second quarter. Balyasny Asset Management LLC now owns 3,821,186 shares of the financial services provider’s stock valued at $99,198,000 after purchasing an additional 2,775,259 shares in the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.
Fifth Third Bancorp (NASDAQ FITB) opened at 28.60 on Friday. Fifth Third Bancorp has a 12-month low of $21.11 and a 12-month high of $28.97. The stock’s 50 day moving average price is $27.30 and its 200-day moving average price is $25.90. The firm has a market cap of $21.07 billion, a PE ratio of 14.50 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 (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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the business posted $0.40 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Equities research analysts anticipate that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its board has authorized a share buyback plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Thursday, September 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s dividend payout ratio (DPR) is 32.49%.
FITB has been the subject of a number of analyst reports. Instinet raised their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, June 30th. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Morgan Stanley restated an “equal weight” rating and issued a $28.00 price target (up from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $28.13.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.38% of the company’s stock.
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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