Bank of Montreal Can decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,791,339 shares of the financial services provider’s stock after selling 38,863 shares during the period. Bank of Montreal Can owned approximately 0.24% of Fifth Third Bancorp worth $46,502,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Assetmark Inc. raised its stake in 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. Quadrant Capital Group LLC raised 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 valued at $138,000 after buying an additional 370 shares in the last quarter. Sterling Investment Advisors Ltd. raised 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 during the period. YorkBridge Wealth Partners LLC raised 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 during the period. Finally, Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth about $167,000. 80.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 1.55% during trading on Tuesday, hitting $27.45. The company’s stock had a trading volume of 6,752,072 shares. The company has a market capitalization of $20.28 billion, a P/E ratio of 13.91 and a beta of 1.37. Fifth Third Bancorp has a 1-year low of $18.94 and a 1-year high of $28.97. The firm’s 50 day moving average is $26.06 and its 200-day moving average is $25.71.
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, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the firm earned $0.40 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.
Fifth Third Bancorp declared that its board has approved a stock buyback program 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 reacquire up to 67% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.04%. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.
FITB has been the topic of a number of research reports. TheStreet upgraded shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research report on Friday, June 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Thursday, July 27th. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the company’s stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $26.51.
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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