Geneva Advisors LLC Has $706,000 Position in Fifth Third Bancorp (FITB)
Geneva Advisors LLC continued to hold its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,199 shares of the financial services provider’s stock at the end of the second quarter. Geneva Advisors LLC’s holdings in Fifth Third Bancorp were worth $706,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of 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 worth $1,453,952,000 after buying an additional 1,608,632 shares during the period. BlackRock Inc. raised its stake in shares of 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 worth $1,243,309,000 after buying an additional 47,483,352 shares during the period. Sanders Capital LLC raised its stake in shares of Fifth Third Bancorp by 1.4% in the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock worth $354,605,000 after buying an additional 189,300 shares during the period. AQR Capital Management LLC raised its stake in shares of 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 worth $236,360,000 after buying an additional 4,332,945 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 8.0% in the first quarter. Geode Capital Management LLC now owns 8,455,254 shares of the financial services provider’s stock worth $214,494,000 after buying an additional 627,613 shares during the period. 79.58% of the stock is currently owned by institutional investors.
Fifth Third Bancorp (FITB) opened at 26.26 on Wednesday. Fifth Third Bancorp has a 12 month low of $19.55 and a 12 month high of $28.97. The firm has a market capitalization of $19.35 billion, a price-to-earnings ratio of 13.31 and a beta of 1.37. The firm has a 50-day moving average price of $26.49 and a 200 day moving average price of $25.74.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The firm had revenue of $1.51 billion during 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 revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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FITB has been the topic of a number of recent analyst reports. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Thursday, July 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 target price 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 target price 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 analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $26.54.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the sale, 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 SEC, which is available at this link. Company insiders own 0.38% of the company’s stock.
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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