Spirit of America Management Corp NY Maintains Stake in Fifth Third Bancorp (FITB)

Spirit of America Management Corp NY continued to hold its position in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 15,400 shares of the financial services provider’s stock at the end of the second quarter. Spirit of America Management Corp NY’s holdings in Fifth Third Bancorp were worth $400,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. increased 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 valued at $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock valued at $138,000 after buying an additional 370 shares during the period. YorkBridge Wealth Partners LLC increased 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 valued at $142,000 after buying an additional 298 shares during the period. Sterling Investment Advisors Ltd. increased 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 valued at $147,000 after buying an additional 1,000 shares during the period. Finally, Ullmann Financial Group Inc. purchased a new stake in shares of Fifth Third Bancorp during the first quarter valued at $167,000. Hedge funds and other institutional investors own 80.47% of the company’s stock.

Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.3585% on Thursday, hitting $25.7075. 1,381,825 shares of the company traded hands. The company has a market capitalization of $19.29 billion, a PE ratio of 13.4453 and a beta of 1.37. The stock’s 50-day moving average price is $25.36 and its 200-day moving average price is $25.73. Fifth Third Bancorp has a 12 month low of $18.16 and a 12 month high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.38 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.38. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Fifth Third Bancorp had a net margin of 22.64% and a return on equity of 10.12%. During the same quarter in the prior year, the business earned $0.40 EPS. On average, equities analysts predict that Fifth Third Bancorp will post $1.79 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 29.17%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to reacquire 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.

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FITB has been the subject of several recent analyst reports. Compass Point upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 29th. They noted that the move was a valuation call. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Piper Jaffray Companies lowered their target price on shares of Fifth Third Bancorp from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, April 11th. Jefferies Group LLC restated a “hold” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, April 4th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $28.00 target price on shares of Fifth Third Bancorp in a research note on Thursday, May 18th. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.24.

In related news, EVP James C. Leonard sold 15,000 shares of the stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $24.88, for a total transaction of $373,200.00. Following the completion of the sale, the executive vice president now owns 75,927 shares in the company, valued at approximately $1,889,063.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Frank R. Forrest sold 13,321 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $24.63, for a total transaction of $328,096.23. Following the sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at approximately $1,768,261.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,315 shares of company stock valued at $2,716,947. 0.38% of the stock is owned by company insiders.

Fifth Third Bancorp Company 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.

Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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