Raymond James Trust N.A. Boosts Position in Fifth Third Bancorp (NASDAQ:FITB)

Raymond James Trust N.A. increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,778 shares of the financial services provider’s stock after buying an additional 542 shares during the period. Raymond James Trust N.A.’s holdings in Fifth Third Bancorp were worth $273,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FITB. Dimensional Fund Advisors LP increased its position in Fifth Third Bancorp by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after buying an additional 988,392 shares during the last quarter. Geode Capital Management LLC increased its position in Fifth Third Bancorp by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after buying an additional 574,887 shares during the last quarter. Gotham Asset Management LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $298,000. Norges Bank acquired a new position in Fifth Third Bancorp during the fourth quarter worth approximately $161,089,000. Finally, American Century Companies Inc. increased its position in Fifth Third Bancorp by 158.2% during the fourth quarter. American Century Companies Inc. now owns 877,586 shares of the financial services provider’s stock worth $20,650,000 after buying an additional 537,728 shares during the last quarter. 82.10% of the stock is currently owned by institutional investors.

Shares of Fifth Third Bancorp stock traded down $0.06 on Wednesday, hitting $29.82. The stock had a trading volume of 1,918,573 shares, compared to its average volume of 5,000,858. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $30.31. The company has a 50 day moving average price of $28.06. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $21.83 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 1.49 and a beta of 1.33.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post 2.81 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.24 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Thursday, June 27th. Fifth Third Bancorp’s payout ratio is 37.80%.

Fifth Third Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

A number of brokerages have weighed in on FITB. JPMorgan Chase & Co. began coverage on Pinduoduo in a research report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price target on the stock. BidaskClub downgraded Zai Lab from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Nomura set a $29.00 price target on Fifth Third Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Wedbush boosted their price target on Zscaler from $87.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Barclays lowered their price target on Waters from $218.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 24th. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus target price of $31.27.

In related news, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the sale, the director now directly owns 50,397 shares in the company, valued at $1,336,024.47. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Lars C. Anderson sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total value of $743,750.00. Following the completion of the sale, the chief operating officer now owns 241,579 shares of the company’s stock, valued at $7,186,975.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,948 shares of company stock valued at $848,928. 0.40% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Company Profile

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.

Further Reading: NASDAQ Stock Market Explained

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

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