Fifth Third Bancorp (FITB) Stake Increased by Macnealy Hoover Investment Management Inc.

Macnealy Hoover Investment Management Inc. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 64,316 shares of the financial services provider’s stock after buying an additional 500 shares during the period. Fifth Third Bancorp comprises about 1.3% of Macnealy Hoover Investment Management Inc.’s holdings, 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 also recently added to or reduced their stakes in FITB. Fox Run Management L.L.C. purchased a new stake in Fifth Third Bancorp during the first quarter worth $439,000. Parametrica Management Ltd purchased a new stake in Fifth Third Bancorp during the first quarter worth $457,000. Quadrant Capital Group LLC raised its stake in 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 worth $138,000 after buying an additional 370 shares during the period. Gulf International Bank UK Ltd raised its stake in 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 worth $6,280,000 after buying an additional 3,100 shares during the period. Finally, Creative Planning raised its stake in Fifth Third Bancorp by 0.8% in the first quarter. Creative Planning now owns 83,743 shares of the financial services provider’s stock worth $2,127,000 after buying an additional 641 shares during the period. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 0.92% on Friday, reaching $26.38. 5,554,511 shares of the company were exchanged. The company’s 50-day moving average is $25.83 and its 200-day moving average is $25.71. Fifth Third Bancorp has a 52 week low of $18.46 and a 52 week high of $28.97. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 13.37 and a beta of 1.37.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post $1.83 EPS 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 issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is currently 28.43%.

Fifth Third Bancorp announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

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A number of brokerages have recently commented on FITB. BMO Capital Markets reissued a “market perform” rating and issued a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a report on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $27.50 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $26.19.

In related news, CAO Teresa J. Tanner sold 26,010 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $24.90, for a total transaction of $647,649.00. Following the transaction, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at $1,028,021.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James C. Leonard sold 15,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $24.88, for a total value of $373,200.00. Following the transaction, the executive vice president now directly owns 75,927 shares in the company, valued at approximately $1,889,063.76. The disclosure for this sale can be found here. 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.