Fifth Third Bancorp (FITB) Position Lowered by Thrivent Financial For Lutherans
Thrivent Financial For Lutherans decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,017,554 shares of the financial services provider’s stock after selling 103,520 shares during the quarter. Thrivent Financial For Lutherans owned approximately 0.41% of Fifth Third Bancorp worth $78,336,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. lifted its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 32 shares in the last quarter. YorkBridge Wealth Partners LLC lifted its stake in shares of 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 worth $142,000 after acquiring an additional 298 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its stake in shares of 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 worth $147,000 after acquiring an additional 1,000 shares in the last quarter. Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp in the first quarter worth about $167,000. Finally, Duncker Streett & Co. Inc. lifted its stake in shares of 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 worth $168,000 after acquiring an additional 17 shares in the last quarter. Institutional investors and hedge funds own 79.60% of the company’s stock.
Several research firms recently commented on FITB. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Robert W. Baird upgraded Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research note on Monday, June 5th. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. 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 stock. Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $26.97.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 0.80% during mid-day trading on Friday, hitting $26.52. The stock had a trading volume of 7,980,434 shares. The firm has a 50 day moving average of $26.45 and a 200 day moving average of $25.63. The stock has a market cap of $19.54 billion, a price-to-earnings ratio of 13.44 and a beta of 1.36. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp declared that its board has initiated a share repurchase 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 usually a sign that the company’s management believes its stock is undervalued.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were 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 $1,881,694.53. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.
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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.
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