Olstein Capital Management L.P. Has $6,023,000 Position in Fifth Third Bancorp (FITB)
Olstein Capital Management L.P. held its stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 232,000 shares of the financial services provider’s stock at the end of the second quarter. Olstein Capital Management L.P.’s holdings in Fifth Third Bancorp were worth $6,023,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock valued at $5,166,000 after buying an additional 72,991 shares during the period. Clinton Group Inc. bought a new stake in Fifth Third Bancorp during the first quarter valued at $1,543,000. Canada Pension Plan Investment Board boosted its stake in Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock valued at $3,013,000 after buying an additional 47,254 shares during the period. Tyers Asset Management LLC boosted its stake in Fifth Third Bancorp by 34.7% in the first quarter. Tyers Asset Management LLC now owns 173,976 shares of the financial services provider’s stock valued at $4,419,000 after buying an additional 44,814 shares during the period. Finally, First Trust Advisors LP boosted its stake in Fifth Third Bancorp by 128.6% in the first quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock valued at $59,542,000 after buying an additional 1,318,692 shares during the period. Institutional investors and hedge funds own 81.26% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) opened at 26.68 on Tuesday. The stock has a market cap of $19.66 billion, a price-to-earnings ratio of 13.52 and a beta of 1.37. The stock has a 50 day moving average price of $26.32 and a 200 day moving average price of $25.72. Fifth Third Bancorp has a 52-week low of $19.32 and a 52-week 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 for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.
Fifth Third Bancorp announced that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors 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 yield of 2.10%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s payout ratio is currently 28.43%.
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Several analysts recently weighed in on FITB shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Friday. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $26.54.
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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