Stonebridge Capital Management Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,535 shares of the financial services provider’s stock, valued at approximately $210,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its position in Fifth Third Bancorp by 16.9% in the 1st quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock valued at $1,284,778,000 after buying an additional 7,355,944 shares during the last quarter. Sanders Capital LLC grew its position in Fifth Third Bancorp by 3.3% in 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. Northern Trust Corp grew its position in Fifth Third Bancorp by 15.4% in the 1st quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock valued at $268,268,000 after buying an additional 1,416,806 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Fifth Third Bancorp by 11.5% in 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. Finally, Geode Capital Management LLC grew its position in Fifth Third Bancorp by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock valued at $222,615,000 after buying an additional 574,887 shares during the last quarter. Institutional investors and hedge funds own 82.10% of the company’s stock.
A number of equities analysts recently weighed in on FITB shares. Wells Fargo & Co upgraded shares of Medtronic from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $100.00 to $110.00 in a research report on Tuesday, June 4th. Barclays reduced their target price on Waters from $218.00 to $210.00 and set an “equal weight” rating for the company in a report on Wednesday, April 24th. Zacks Investment Research downgraded Heritage Insurance from a “hold” rating to a “strong sell” rating in a report on Friday, April 26th. Citigroup raised Infosys from a “neutral” rating to a “buy” rating in a report on Friday, July 12th. Finally, ValuEngine raised USINAS SIDERURG/S from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $31.27.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. During the same quarter last year, the company earned $0.63 earnings per share. As a group, equities analysts predict that Fifth Third Bancorp will post 2.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Thursday, June 27th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s payout ratio is 37.80%.
Fifth Third Bancorp declared that its board has initiated a stock repurchase program on Tuesday, June 18th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In other news, COO Lars C. Anderson sold 25,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total transaction of $743,750.00. Following the completion of the transaction, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction 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 transaction, the director now directly owns 50,397 shares of the company’s stock, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. Insiders have sold a total of 28,948 shares of company stock valued at $848,928 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.
Fifth Third Bancorp 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.
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