Advisor Group Inc. Boosts Position in Fifth Third Bancorp (FITB)
Advisor Group Inc. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 147.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 30,556 shares of the financial services provider’s stock after buying an additional 18,213 shares during the quarter. Advisor Group Inc.’s holdings in Fifth Third Bancorp were worth $765,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of FITB. Prudential Financial Inc. boosted its holdings in Fifth Third Bancorp by 1.5% in the second quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock worth $57,997,000 after acquiring an additional 33,660 shares in the last quarter. Gotham Asset Management LLC bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $303,000. Cornerstone Advisors Inc. increased its holdings in shares of Fifth Third Bancorp by 14.2% during the second quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 847 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Fifth Third Bancorp by 4.9% during the second quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock valued at $38,232,000 after acquiring an additional 68,859 shares in the last quarter. Finally, Capital Fund Management S.A. increased its holdings in shares of Fifth Third Bancorp by 69.8% during the second quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock valued at $8,339,000 after acquiring an additional 132,047 shares in the last quarter. 79.58% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.38% of the company’s stock.
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Fifth Third Bancorp (NASDAQ FITB) opened at 27.87 on Tuesday. The stock has a market capitalization of $20.53 billion, a P/E ratio of 14.13 and a beta of 1.37. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97. The company has a 50 day moving average of $26.64 and a 200-day moving average of $25.62.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company earned $0.40 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Equities research analysts predict that Fifth Third Bancorp will post $1.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.16 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is presently 32.49%.
Fifth Third Bancorp declared that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
FITB has been the topic of a number of research reports. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Robert W. Baird raised shares of Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a research report on Monday, June 5th. BidaskClub downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Jefferies Group LLC restated a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $27.81.
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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