SG Americas Securities LLC Lowers Position in Fifth Third Bancorp (FITB)
SG Americas Securities LLC reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 32.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,584 shares of the financial services provider’s stock after selling 29,596 shares during the period. SG Americas Securities LLC’s holdings in Fifth Third Bancorp were worth $1,625,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in FITB. Assetmark Inc. increased its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after buying an additional 32 shares in the last quarter. Sterling Investment Advisors Ltd. increased 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. YorkBridge Wealth Partners LLC increased its position in 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 in the last quarter. Duncker Streett & Co. Inc. increased its position in 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 valued at $168,000 after buying an additional 17 shares in the last quarter. Finally, Ullmann Financial Group Inc. bought a new position in Fifth Third Bancorp during the first quarter valued at approximately $167,000. Hedge funds and other institutional investors own 79.58% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) opened at 26.59 on Tuesday. Fifth Third Bancorp has a 52 week low of $19.55 and a 52 week high of $28.97. The firm’s 50-day moving average is $26.49 and its 200-day moving average is $25.74. The firm has a market capitalization of $19.59 billion, a P/E ratio of 13.48 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 EPS. Equities analysts anticipate that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to buy up to 67% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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Several equities analysts have commented on the stock. BidaskClub downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, August 11th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $27.50 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Wells Fargo & Company assumed 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 objective on the stock. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $26.54.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’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 owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company’s stock.
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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