KBC Group NV lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 37.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,528 shares of the financial services provider’s stock after selling 112,660 shares during the period. KBC Group NV’s holdings in Fifth Third Bancorp were worth $4,868,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. raised 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 buying an additional 47,483,352 shares during the period. Janus Capital Management LLC raised its position in Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after buying an additional 5,648,401 shares during the period. AQR Capital Management LLC raised 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 buying an additional 4,332,945 shares during the period. Wells Fargo & Company MN raised its position in Fifth Third Bancorp by 128.3% in the first quarter. Wells Fargo & Company MN now owns 4,898,077 shares of the financial services provider’s stock valued at $124,411,000 after buying an additional 2,752,511 shares during the period. Finally, Vanguard Group Inc. raised its position in Fifth Third Bancorp by 2.9% in 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 buying an additional 1,608,632 shares during the period. 81.26% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp (NASDAQ:FITB) opened at 26.60 on Thursday. Fifth Third Bancorp has a 12 month low of $19.34 and a 12 month high of $28.97. The company has a market capitalization of $19.60 billion, a PE ratio of 13.48 and a beta of 1.37. The stock’s 50 day moving average is $26.47 and its 200-day moving average is $25.73.

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 consensus estimate 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current year.

Fifth Third Bancorp announced that its board has authorized a stock repurchase plan 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 buy up to 67% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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Several research firms recently issued reports on FITB. BidaskClub lowered 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 issued a $28.00 price target on shares of Fifth Third Bancorp in a research report on Friday, August 11th. Wells Fargo & Company began coverage on shares of Fifth Third Bancorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 price target for the company. Zacks Investment Research lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $26.54.

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 value of $183,574.84. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.38% of the stock is owned by insiders.

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.

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

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