Northwestern Mutual Investment Management Company LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 80.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,291 shares of the financial services provider’s stock after selling 122,412 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Fifth Third Bancorp were worth $515,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Duncker Streett & Co. Inc. boosted its holdings 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 valued at $168,000 after acquiring an additional 17 shares during the period. Assetmark Inc. boosted its holdings 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 valued at $121,000 after acquiring an additional 32 shares during the period. Bragg Financial Advisors Inc boosted its holdings in shares of Fifth Third Bancorp by 0.4% in the first quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock valued at $317,000 after acquiring an additional 55 shares during the period. Catawba Capital Management VA boosted its holdings in shares of Fifth Third Bancorp by 0.6% in the second quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 65 shares during the period. Finally, Savant Capital LLC boosted its holdings in shares of Fifth Third Bancorp by 0.5% in the first quarter. Savant Capital LLC now owns 17,722 shares of the financial services provider’s stock valued at $450,000 after acquiring an additional 87 shares during the period. Institutional investors own 79.58% of the company’s stock.
Fifth Third Bancorp (FITB) opened at 27.18 on Wednesday. The stock has a market cap of $20.02 billion, a PE ratio of 13.78 and a beta of 1.36. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The stock has a 50 day moving average price of $26.47 and a 200-day moving average price of $25.59.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company earned $0.40 EPS. The firm’s revenue was up .1% on a year-over-year basis. On average, analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a $0.16 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.35%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.
Fifth Third Bancorp declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.
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FITB has been the subject of several research analyst reports. TheStreet downgraded Fifth Third Bancorp from a “b” rating to a “c+” rating in a report on Friday, May 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.50 price objective on shares of Fifth Third Bancorp in a report on Friday, May 26th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 price target on shares of Fifth Third Bancorp in a report on Friday, May 26th. 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. Finally, BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $27.14.
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.
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