Standard Life Investments LTD lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,746,176 shares of the financial services provider’s stock after selling 100,545 shares during the period. Standard Life Investments LTD owned 0.91% of Fifth Third Bancorp worth $175,097,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FITB. Canada Pension Plan Investment Board lifted its stake in shares of Fifth Third Bancorp by 66.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock valued at $3,013,000 after purchasing an additional 47,254 shares during the last quarter. Chicago Equity Partners LLC lifted its stake in shares of Fifth Third Bancorp by 21.7% in the 1st quarter. Chicago Equity Partners LLC now owns 11,950 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 2,130 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Fifth Third Bancorp by 84.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 60,100 shares of the financial services provider’s stock valued at $1,594,000 after purchasing an additional 27,496 shares during the last quarter. Novare Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 0.3% in the 1st quarter. Novare Capital Management LLC now owns 152,776 shares of the financial services provider’s stock valued at $3,881,000 after purchasing an additional 515 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Fifth Third Bancorp by 1.7% in the 1st quarter. Comerica Bank now owns 397,941 shares of the financial services provider’s stock valued at $9,809,000 after purchasing an additional 6,827 shares during the last quarter. 79.60% of the stock is owned by institutional investors and hedge funds.

Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 0.69% during trading on Wednesday, hitting $26.36. 1,531,316 shares of the stock were exchanged. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97. The firm has a 50 day moving average price of $26.45 and a 200 day moving average price of $25.64. The firm has a market capitalization of $19.42 billion, a P/E ratio of 13.36 and a beta of 1.36.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the company posted $0.40 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. Analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In other news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

FITB has been the subject of several analyst reports. TheStreet raised shares of Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a research note on Thursday, May 18th. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Thursday, July 27th. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Three research 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. Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $26.54.

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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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