Manning & Napier Advisors LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 71.6% during the second quarter, Holdings Channel reports. The institutional investor owned 171,184 shares of the financial services provider’s stock after buying an additional 71,423 shares during the period. Manning & Napier Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,443,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock worth $5,166,000 after buying an additional 72,991 shares in the last quarter. Clinton Group Inc. bought a new position in Fifth Third Bancorp during the first quarter worth $1,543,000. Canada Pension Plan Investment Board boosted its position in Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after buying an additional 47,254 shares in the last quarter. Tyers Asset Management LLC boosted its position in Fifth Third Bancorp by 34.7% in the first quarter. Tyers Asset Management LLC now owns 173,976 shares of the financial services provider’s stock worth $4,419,000 after buying an additional 44,814 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Fifth Third Bancorp by 128.6% in the first quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock worth $59,542,000 after buying an additional 1,318,692 shares in the last quarter. Institutional investors own 80.40% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) traded up 0.31% on Monday, reaching $26.26. 1,138,786 shares of the company’s stock traded hands. Fifth Third Bancorp has a 52 week low of $18.16 and a 52 week high of $28.97. The stock has a market capitalization of $19.40 billion, a price-to-earnings ratio of 13.31 and a beta of 1.36. The stock’s 50-day moving average price is $25.41 and its 200-day moving average price is $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Zacks’ 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the company posted $0.40 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Equities analysts predict that Fifth Third Bancorp will post $1.79 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to buy up to 67% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is currently 28.43%.
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FITB has been the subject of a number of research analyst reports. Compass Point upgraded shares of 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. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Piper Jaffray Companies reduced their price objective on shares of Fifth Third Bancorp from $29.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, April 11th. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, April 4th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a research report on Thursday, May 18th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $26.24.
In other news, CAO Teresa J. Tanner sold 26,010 shares of the business’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total transaction of $647,649.00. Following the completion of the sale, the chief accounting officer now owns 41,286 shares in the company, valued at approximately $1,028,021.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Teresa J. Tanner sold 54,984 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was 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 of the company’s stock, valued at approximately $1,027,195.68. The disclosure for this sale can be found here. Insiders have sold a total of 109,315 shares of company stock valued at $2,716,947 in the last quarter. Company insiders own 0.38% of the company’s stock.
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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