Fifth Third Bancorp (FITB) Shares Sold by Axa
Axa lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 150,900 shares of the financial services provider’s stock after selling 4,500 shares during the quarter. Axa’s holdings in Fifth Third Bancorp were worth $3,917,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of FITB. Assetmark Inc. lifted its position in Fifth Third Bancorp by 0.7% in the 1st quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Sterling Investment Advisors Ltd. increased its stake in Fifth Third Bancorp by 20.8% in 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 period. Ullmann Financial Group Inc. purchased a new position in Fifth Third Bancorp in the 1st quarter worth approximately $167,000. Duncker Streett & Co. Inc. increased its stake in Fifth Third Bancorp by 0.3% in 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 period. Finally, Cornerstone Advisors Inc. increased its stake in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 847 shares during the period. Hedge funds and other institutional investors own 79.58% of the company’s stock.
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In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of Fifth Third Bancorp 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 completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.38% of the company’s stock.
Several equities analysts have recently issued reports on the company. Sanford C. Bernstein reissued a “market perform” rating and set a $31.00 target price (up from $29.00) on shares of Fifth Third Bancorp in a research note on Saturday. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Jefferies Group LLC reissued a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, August 11th. Wells Fargo & Company started coverage on Fifth Third Bancorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 target price on the stock. Finally, Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company. Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $27.14.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.52 on Monday. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97. The stock has a market capitalization of $19.54 billion, a price-to-earnings ratio of 13.44 and a beta of 1.36. The stock has a 50 day moving average price of $26.45 and a 200-day moving average price of $25.63.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the company posted $0.40 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp announced that its board has approved a stock buyback program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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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