Commerce Bank Has $430,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

Commerce Bank boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,552 shares of the financial services provider’s stock after buying an additional 166 shares during the period. Commerce Bank’s holdings in Fifth Third Bancorp were worth $430,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Fifth Third Bancorp by 2.9% during 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 purchasing an additional 1,608,632 shares during the period. BlackRock Inc. grew its position 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 acquiring an additional 47,483,352 shares during the period. Sanders Capital LLC grew its position 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 acquiring an additional 189,300 shares during the period. AQR Capital Management LLC grew its position 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 acquiring an additional 4,332,945 shares during the period. Finally, Geode Capital Management LLC grew its position 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 acquiring an additional 627,613 shares during the period. 79.60% of the stock is currently owned by institutional investors.

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A number of research firms have commented on FITB. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, July 14th. TheStreet lowered Fifth Third Bancorp from a “b” rating to a “c+” rating in a research note on Friday, May 26th. BMO Capital Markets reaffirmed a “market perform” rating and set a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday, July 25th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $31.00 price target (up previously from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday. Finally, Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 target price on the stock in a research note on Monday, June 5th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have given a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $26.97.

In related news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp stock in a transaction on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the transaction, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.38% of the stock is currently owned by insiders.

Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.52 on Friday. The firm has a market capitalization of $19.54 billion, a PE ratio of 13.44 and a beta of 1.36. The company’s 50-day moving average price is $26.45 and its 200 day moving average price is $25.63. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.

Fifth Third Bancorp announced that its Board of Directors has approved a stock repurchase program 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 reacquire up to 67% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp 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.

Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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