Virtu KCG Holdings LLC lessened its stake in Fifth Third Bancorp (NASDAQ:FITB) by 68.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 19,805 shares of the financial services provider’s stock after selling 42,089 shares during the quarter. Virtu KCG Holdings LLC’s holdings in Fifth Third Bancorp were worth $514,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Fifth Third Bancorp by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 57,881,541 shares of the financial services provider’s stock valued at $1,502,604,000 after buying an additional 639,361 shares during the period. BlackRock Inc. boosted its stake in shares of Fifth Third Bancorp by 3,239.3% in the 1st 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 during the period. Sanders Capital LLC boosted its stake in shares of Fifth Third Bancorp by 1.4% in the 1st 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 during the period. AQR Capital Management LLC boosted its stake in shares of Fifth Third Bancorp by 87.1% in the 1st 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 during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Fifth Third Bancorp by 8.0% in the 1st 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 during the period. Institutional investors and hedge funds own 79.58% of the company’s stock.
Several equities analysts have recently issued reports on the company. Robert W. Baird cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price objective for the company. in a research note on Monday, October 2nd. Citigroup Inc. reiterated a “neutral” rating and issued a $31.00 price objective (up previously from $28.00) on shares of Fifth Third Bancorp in a research note on Monday. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Nomura lifted their price objective on Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, September 28th. Finally, UBS AG reiterated a “sell” rating and issued a $26.00 price objective (up previously from $25.00) on shares of Fifth Third Bancorp in a research note on Friday, October 6th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.08.
Fifth Third Bancorp (NASDAQ:FITB) opened at 28.42 on Wednesday. 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 $26.91 and a 200-day moving average price of $25.74. The firm has a market cap of $20.94 billion, a price-to-earnings ratio of 14.40 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm earned $0.40 EPS. The firm’s revenue was up .1% compared to the same quarter last year. Equities analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a $0.16 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 2.25%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 32.49%.
In related news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction that occurred 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 sale, 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 legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by company insiders.
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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