Fifth Third Bancorp (FITB) Shares Bought by HPM Partners LLC
HPM Partners LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 40.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,873 shares of the financial services provider’s stock after purchasing an additional 4,249 shares during the period. HPM Partners LLC’s holdings in Fifth Third Bancorp were worth $603,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Assetmark Inc. grew its position in Fifth Third Bancorp by 0.7% during the 1st quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 32 shares during the last quarter. Sterling Investment Advisors Ltd. grew its position in Fifth Third Bancorp by 20.8% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,000 shares during the last quarter. YorkBridge Wealth Partners LLC grew its position in Fifth Third Bancorp by 5.4% during the 1st quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 298 shares during the last quarter. Duncker Streett & Co. Inc. grew its position in Fifth Third Bancorp by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 17 shares during the last quarter. Finally, Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp during the 1st quarter worth $167,000. 79.60% of the stock is currently owned by institutional investors.
Shares of Fifth Third Bancorp (FITB) opened at 25.10 on Friday. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97. The company’s 50-day moving average is $26.46 and its 200-day moving average is $25.68. The stock has a market cap of $18.49 billion, a P/E ratio of 12.72 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ 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%. Fifth Third Bancorp’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.
Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related 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 transaction, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.38% of the company’s stock.
FITB has been the topic of several research reports. Instinet raised their price objective on shares of Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, June 30th. Morgan Stanley reissued an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research report on Friday, June 23rd. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the stock. Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $26.54.
Fifth Third Bancorp 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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