Everence Capital Management Inc. Purchases New Position in Fifth Third Bancorp (FITB)

Everence Capital Management Inc. purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,220 shares of the financial services provider’s stock, valued at approximately $343,000.

Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. boosted its stake 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 during the last quarter. YorkBridge Wealth Partners LLC boosted its stake 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 during the last quarter. Sterling Investment Advisors Ltd. boosted its stake 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 during the last quarter. Ullmann Financial Group Inc. bought a new stake in shares of Fifth Third Bancorp during the first quarter worth $167,000. Finally, Duncker Streett & Co. Inc. boosted its stake in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 81.26% of the company’s stock.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.21 on Tuesday. The company has a market capitalization of $19.31 billion, a price-to-earnings ratio of 13.28 and a beta of 1.37. The firm’s 50-day moving average price is $26.46 and its 200-day moving average price is $25.73. Fifth Third Bancorp has a 52 week low of $19.34 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 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS. On average, equities analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current year.

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

A number of analysts have recently weighed in on the company. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Robert W. Baird upgraded Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Monday, June 5th. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $26.54.

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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