FineMark National Bank & Trust cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 9.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,864 shares of the financial services provider’s stock after selling 1,273 shares during the period. FineMark National Bank & Trust’s holdings in Fifth Third Bancorp were worth $334,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of FITB. Vanguard Group Inc. raised its stake in Fifth Third Bancorp by 2.9% in the first quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares in the last quarter. BlackRock Inc. raised its stake in Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock valued at $1,243,309,000 after buying an additional 47,483,352 shares in the last quarter. Sanders Capital LLC raised its stake in Fifth Third Bancorp by 1.4% in the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock valued at $354,605,000 after buying an additional 189,300 shares in the last quarter. AQR Capital Management LLC raised 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 buying an additional 4,332,945 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Fifth Third Bancorp by 8.0% in the first quarter. Geode Capital Management LLC now owns 8,455,254 shares of the financial services provider’s stock valued at $214,494,000 after buying an additional 627,613 shares in the last quarter. 80.35% of the stock is owned by institutional investors.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.70 on Tuesday. The company has a 50 day moving average price of $25.88 and a 200-day moving average price of $25.69. The stock has a market capitalization of $19.73 billion, a P/E ratio of 13.53 and a beta of 1.36. Fifth Third Bancorp has a 52-week low of $18.46 and a 52-week high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $1.52 billion. During the same period in the previous year, the firm posted $0.40 EPS. Fifth Third Bancorp’s revenue was up .1% compared to the same quarter last year. On average, analysts predict that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its board has initiated a stock buyback program 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 repurchase up to 67% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is 28.43%.
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Several analysts have issued reports on the company. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday. Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a report on Monday, June 5th. Piper Jaffray Companies cut their price target on Fifth Third Bancorp from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday, April 11th. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a report on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $26.51.
In related news, EVP James C. Leonard sold 15,000 shares of Fifth Third Bancorp stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.88, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Teresa J. Tanner sold 26,010 shares of Fifth Third Bancorp stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $24.90, for a total value of $647,649.00. Following the completion of the sale, the chief accounting officer now owns 41,286 shares in the company, valued at $1,028,021.40. The disclosure for this sale can be found here. 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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