Fifth Third Bancorp (FITB) Shares Sold by Pzena Investment Management LLC
Pzena Investment Management LLC decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 11.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,168,331 shares of the financial services provider’s stock after selling 423,666 shares during the period. Pzena Investment Management LLC owned about 0.43% of Fifth Third Bancorp worth $82,250,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of FITB. Assetmark Inc. boosted its position 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 last quarter. YorkBridge Wealth Partners LLC boosted 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 last quarter. Sterling Investment Advisors Ltd. boosted 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 last quarter. Ullmann Financial Group Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter worth about $167,000. Finally, Duncker Streett & Co. Inc. boosted its position in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after buying an additional 17 shares during the last quarter. 81.26% of the stock is owned by institutional investors and hedge funds.
Fifth Third Bancorp (NASDAQ FITB) traded down 0.171% during mid-day trading on Monday, hitting $26.285. The company’s stock had a trading volume of 447,582 shares. Fifth Third Bancorp has a 52-week low of $19.34 and a 52-week high of $28.97. The firm has a market cap of $19.36 billion, a price-to-earnings ratio of 13.322 and a beta of 1.37. The firm has a 50 day moving average of $26.46 and a 200-day moving average of $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. Fifth Third Bancorp’s revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the firm earned $0.40 EPS. On average, equities research analysts expect 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 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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A number of equities analysts have recently issued reports on FITB shares. BMO Capital Markets reissued a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, April 25th. Royal Bank Of Canada reissued a “buy” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Thursday, May 18th. TheStreet cut Fifth Third Bancorp from a “b” rating to a “c+” rating in a report on Friday, May 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $26.50 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Finally, Robert W. Baird raised Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 target price for the company in a report on Monday, June 5th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $26.54.
Fifth Third Bancorp Company 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.
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