Exxonmobil Investment Management Inc. TX reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,051 shares of the financial services provider’s stock after selling 22,604 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Fifth Third Bancorp were worth $3,740,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. boosted its stake 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 worth $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC boosted its stake 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 during the last quarter. YorkBridge Wealth Partners LLC boosted its stake 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 valued at $142,000 after buying an additional 298 shares during the last quarter. Sterling Investment Advisors Ltd. boosted its position in 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 valued at $147,000 after buying an additional 1,000 shares in the last quarter. Finally, Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp during the first quarter valued at about $167,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) traded up 1.55% during mid-day trading on Tuesday, hitting $27.45. The stock had a trading volume of 6,752,072 shares. The firm has a market cap of $20.28 billion, a PE ratio of 13.91 and a beta of 1.37. Fifth Third Bancorp has a 52-week low of $18.94 and a 52-week high of $28.97. The stock’s 50-day moving average price is $26.06 and its 200-day moving average price is $25.71.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $0.40 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
Fifth Third Bancorp declared that its board has initiated a share buyback plan 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 plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.
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Several equities analysts recently issued reports on FITB shares. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Thursday, July 27th. 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 research note on Thursday, July 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 price target on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $27.50 price target on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Finally, BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company’s stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target 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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