WealthTrust Axiom LLC lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.1% during the 1st quarter, Holdings Channel reports. The firm owned 132,419 shares of the financial services provider’s stock after selling 2,843 shares during the period. Fifth Third Bancorp makes up about 1.2% of WealthTrust Axiom LLC’s investment portfolio, making the stock its 24th largest holding. WealthTrust Axiom LLC’s holdings in Fifth Third Bancorp were worth $3,339,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Sanders Capital LLC lifted its position in shares of Fifth Third Bancorp by 3.3% during the 1st quarter. Sanders Capital LLC now owns 18,398,085 shares of the financial services provider’s stock valued at $518,001,000 after buying an additional 579,200 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Fifth Third Bancorp by 11.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock valued at $225,927,000 after buying an additional 988,392 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Fifth Third Bancorp by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after purchasing an additional 574,887 shares in the last quarter. Northern Trust Corp lifted its holdings in Fifth Third Bancorp by 10.4% during the 4th quarter. Northern Trust Corp now owns 9,220,340 shares of the financial services provider’s stock worth $216,954,000 after purchasing an additional 868,917 shares in the last quarter. Finally, Norges Bank purchased a new stake in Fifth Third Bancorp during the 4th quarter worth about $161,089,000. 84.04% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on FITB. Sandler O’Neill raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. BidaskClub cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, March 12th. Keefe, Bruyette & Woods raised Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price objective on the stock in a report on Thursday, April 4th. Finally, ValuEngine cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $31.67.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.67 billion. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. During the same period in the prior year, the company earned $0.57 EPS. Research analysts forecast that Fifth Third Bancorp will post 2.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were paid a $0.22 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.88 dividend on an annualized basis and a yield of 3.14%. Fifth Third Bancorp’s dividend payout ratio is currently 34.65%.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 26,000 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $26.37, for a total value of $685,620.00. Following the transaction, the executive vice president now directly owns 62,974 shares in the company, valued at approximately $1,660,624.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Teresa J. Tanner sold 2,918 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. Insiders sold a total of 84,727 shares of company stock worth $2,302,901 over the last 90 days. Corporate insiders own 0.40% of the company’s stock.
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About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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