Canal Capital Management LLC lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,795 shares of the financial services provider’s stock after selling 4,530 shares during the quarter. Canal Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,561,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Sun Life Financial INC lifted its stake in shares of Fifth Third Bancorp by 55,050.0% during the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 5,505 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its stake in shares of Fifth Third Bancorp by 20.8% during the first 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 in the last quarter. Duncker Streett & Co. Inc. lifted its stake in shares of Fifth Third Bancorp by 0.3% during the second 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 in the last quarter. Ullmann Financial Group Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth about $167,000. Finally, Cornerstone Advisors Inc. lifted its stake 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 worth $177,000 after purchasing an additional 847 shares in the last quarter. Institutional investors own 79.55% of the company’s stock.
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Fifth Third Bancorp (NASDAQ:FITB) traded up 0.88% during trading on Friday, hitting $28.53. The stock had a trading volume of 2,064,081 shares. The stock has a 50-day moving average price of $27.23 and a 200-day moving average price of $25.87. Fifth Third Bancorp has a 52 week low of $20.83 and a 52 week high of $28.97. The company has a market cap of $21.02 billion, a PE ratio of 14.46 and a beta of 1.37.
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. Equities analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a dividend of $0.16 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, September 28th. This represents a $0.64 annualized dividend and a dividend yield of 2.26%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 32.49%.
Fifth Third Bancorp announced that its board has authorized a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 67% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.38% of the company’s stock.
FITB has been the topic of a number of recent research reports. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Instinet boosted their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, June 30th. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. 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 equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $28.13.
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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