Macnealy Hoover Investment Management Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,316 shares of the financial services provider’s stock after buying an additional 500 shares during the period. Fifth Third Bancorp makes up 1.3% of Macnealy Hoover Investment Management Inc.’s investment portfolio, making the stock its 27th largest position. Macnealy Hoover Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $1,669,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Fox Run Management L.L.C. acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $439,000. Parametrica Management Ltd purchased a new position in shares of Fifth Third Bancorp during the first quarter valued at $457,000. Quadrant Capital Group LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock valued at $138,000 after buying an additional 370 shares during the period. Gulf International Bank UK Ltd raised its position in shares of Fifth Third Bancorp by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 247,268 shares of the financial services provider’s stock valued at $6,280,000 after buying an additional 3,100 shares during the period. Finally, Creative Planning raised its position in shares of Fifth Third Bancorp by 0.8% in the first quarter. Creative Planning now owns 83,743 shares of the financial services provider’s stock valued at $2,127,000 after buying an additional 641 shares during the period. 80.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded down 0.70% on Wednesday, reaching $25.64. 2,822,936 shares of the company traded hands. The company has a 50-day moving average of $25.31 and a 200-day moving average of $25.73. Fifth Third Bancorp has a 1-year low of $18.16 and a 1-year high of $28.97. The stock has a market capitalization of $19.24 billion, a price-to-earnings ratio of 13.41 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.38. Fifth Third Bancorp had a net margin of 22.64% and a return on equity of 10.12%. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. Analysts anticipate that Fifth Third Bancorp will post $1.79 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.17%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 29.17%.
Fifth Third Bancorp declared that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Several equities analysts have weighed in on FITB shares. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a research report on Thursday, May 18th. Compass Point upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 29th. They noted that the move was a valuation call. 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 report on Thursday, July 6th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, April 4th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $26.24.
In other news, CAO Teresa J. Tanner sold 54,984 shares of Fifth Third Bancorp stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.88, for a total value of $1,368,001.92. Following the sale, the chief accounting officer now owns 41,286 shares in the company, valued at $1,027,195.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of Fifth Third Bancorp stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $24.63, for a total transaction of $328,096.23. Following the completion of the sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,768,261.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,315 shares of company stock worth $2,716,947. 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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