Commerce Bank Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wesbanco Bank Inc. grew its holdings in Fifth Third Bancorp by 0.6% during the 2nd quarter. Wesbanco Bank Inc. now owns 32,103 shares of the financial services provider’s stock valued at $833,000 after purchasing an additional 200 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Fifth Third Bancorp by 4.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock valued at $38,232,000 after purchasing an additional 68,859 shares during the last quarter. Greenwood Capital Associates LLC grew its holdings in Fifth Third Bancorp by 5.6% during the 2nd quarter. Greenwood Capital Associates LLC now owns 12,535 shares of the financial services provider’s stock valued at $325,000 after purchasing an additional 660 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Fifth Third Bancorp by 1.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 38,331 shares of the financial services provider’s stock valued at $995,000 after purchasing an additional 612 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Fifth Third Bancorp by 2.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 192,825 shares of the financial services provider’s stock valued at $5,006,000 after purchasing an additional 5,266 shares during the last quarter. Hedge funds and other institutional investors own 79.58% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Commerce Bank Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)” was originally posted by BBNS and is owned by of BBNS. If you are reading this piece of content on another domain, it was illegally stolen and reposted in violation of international copyright & trademark law. The original version of this piece of content can be accessed at https://baseballnewssource.com/markets/commerce-bank-grows-holdings-in-fifth-third-bancorp-fitb/1610638.html.

In other news, EVP Frank R. Forrest sold 7,004 shares of the company’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 transaction of $183,574.84. Following the completion of the transaction, the executive vice president now directly owns 71,793 shares in the company, valued at $1,881,694.53. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.38% of the stock is owned by insiders.

A number of equities analysts have recently issued reports on FITB shares. Sanford C. Bernstein reiterated a “market perform” rating and set a $31.00 price objective (up from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday, September 16th. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Jefferies Group LLC reissued a “hold” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a research report on Friday, August 11th. Wells Fargo & Company started coverage on shares of Fifth Third Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 price target for the company. Finally, Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $27.38.

Fifth Third Bancorp (NASDAQ FITB) opened at 27.31 on Friday. The stock has a 50 day moving average of $26.47 and a 200 day moving average of $25.59. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97. The stock has a market capitalization of $20.12 billion, a P/E ratio of 13.84 and a beta of 1.36.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share 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 firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company earned $0.40 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts expect that Fifth Third Bancorp will post $1.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued 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 yield of 2.34%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s payout ratio is 28.43%.

Fifth Third Bancorp announced that its board has initiated a share 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 typically an indication that the company’s management believes its stock is 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)

Receive News & Ratings for Fifth Third Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fifth Third Bancorp and related companies with our FREE daily email newsletter.

 


Latest News

Bryce Harper Hoping to Return Monday from Knee Injury
Bryce Harper Hoping to Return Monday from Knee Injury
American League Once Again Dominates National League
American League Once Again Dominates National League
Los Angeles Dodgers Waiting But Magic Number Down to One
Los Angeles Dodgers Waiting But Magic Number Down to One
Young Girl Hit by Foul Ball Rushed to Hospital
Young Girl Hit by Foul Ball Rushed to Hospital
New Home Run Record Reached in Major League Baseball
New Home Run Record Reached in Major League Baseball
Will 2017 MLB Season End with No 20-Game Winner?
Will 2017 MLB Season End with No 20-Game Winner?


Leave a Reply

 
© 2006-2017 BBNS.