1ST Source Bank continued to hold its position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,614 shares of the financial services provider’s stock at the end of the second quarter. 1ST Source Bank’s holdings in Fifth Third Bancorp were worth $276,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Assetmark Inc. boosted its position in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares in the last quarter. Quadrant Capital Group LLC boosted 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 worth $138,000 after buying an additional 370 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its position in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. boosted its position in shares of Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth about $167,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) opened at 26.38 on Friday. Fifth Third Bancorp has a 12 month low of $18.46 and a 12 month high of $28.97. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 13.37 and a beta of 1.37. The firm has a 50-day moving average of $25.83 and a 200 day moving average of $25.71.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The firm 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 business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 EPS. On average, analysts expect that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
The business also recently declared 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 2.12%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is presently 28.43%.
Fifth Third Bancorp declared that its board has initiated a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
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FITB has been the subject of a number of analyst reports. TheStreet upgraded shares of 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 set a $28.00 price objective on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Zacks Investment Research upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Thursday. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, April 4th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have given a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and an average price target of $26.51.
In other news, CAO Teresa J. Tanner sold 26,010 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $24.90, for a total transaction of $647,649.00. Following the sale, the chief accounting officer now owns 41,286 shares of the company’s stock, valued at approximately $1,028,021.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP James C. Leonard sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $24.88, for a total transaction of $373,200.00. Following the sale, 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. 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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