Commonwealth Bank of Australia reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 150,651 shares of the financial services provider’s stock after selling 4,944 shares during the quarter. Commonwealth Bank of Australia’s holdings in Fifth Third Bancorp were worth $3,909,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in shares of Fifth Third Bancorp by 56.0% during the 1st quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock valued at $5,166,000 after acquiring an additional 72,991 shares during the last quarter. Clinton Group Inc. bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $1,543,000. Canada Pension Plan Investment Board boosted its position in shares of Fifth Third Bancorp by 66.2% during 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 acquiring an additional 47,254 shares during the last quarter. Gotham Asset Management LLC bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $303,000. Finally, Cornerstone Advisors Inc. boosted its position in shares of Fifth Third Bancorp by 14.2% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 79.60% of the company’s stock.
FITB has been the subject of a number of research reports. Jefferies Group LLC reiterated a “hold” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a research report on Friday, July 14th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. BMO Capital Markets reiterated a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a research report on Friday, May 26th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a research report on Thursday, May 18th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $26.54.
Shares of Fifth Third Bancorp (FITB) opened at 25.10 on Friday. The firm has a 50-day moving average price of $26.46 and a 200-day moving average price of $25.68. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97. The stock has a market cap of $18.49 billion, a price-to-earnings ratio of 12.72 and a beta of 1.36.
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, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the company posted $0.40 EPS. The company’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 67% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
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In other news, EVP Frank R. Forrest sold 7,004 shares of the company’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the transaction, the executive vice president now owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.
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.
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