JNB Advisors LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 78,042 shares of the financial services provider’s stock after purchasing an additional 6,482 shares during the period. JNB Advisors LLC’s holdings in Fifth Third Bancorp were worth $1,505,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. APG Asset Management N.V. grew its holdings in Fifth Third Bancorp by 512.5% in the first quarter. APG Asset Management N.V. now owns 4,274,599 shares of the financial services provider’s stock worth $96,010,000 after purchasing an additional 3,576,758 shares during the last quarter. AJO LP increased its stake in Fifth Third Bancorp by 935.7% during the 1st quarter. AJO LP now owns 1,868,249 shares of the financial services provider’s stock worth $27,742,000 after buying an additional 1,687,872 shares during the period. Royal Bank of Canada lifted its holdings in Fifth Third Bancorp by 140.3% during the 1st quarter. Royal Bank of Canada now owns 1,939,014 shares of the financial services provider’s stock worth $28,795,000 after buying an additional 1,132,019 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its position in Fifth Third Bancorp by 67.9% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 2,418,338 shares of the financial services provider’s stock valued at $35,913,000 after buying an additional 978,129 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Fifth Third Bancorp by 8.6% in the first quarter. Wells Fargo & Company MN now owns 10,417,828 shares of the financial services provider’s stock worth $154,705,000 after acquiring an additional 828,846 shares in the last quarter. Institutional investors and hedge funds own 78.20% of the company’s stock.
Several research analysts recently commented on the company. Deutsche Bank cut Fifth Third Bancorp from a “buy” rating to a “hold” rating and set a $19.00 target price for the company. in a research note on Tuesday, July 28th. Cfra boosted their price objective on Fifth Third Bancorp to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Royal Bank of Canada reduced their target price on shares of Fifth Third Bancorp from $28.00 to $24.00 in a report on Wednesday, July 1st. Wolfe Research began coverage on shares of Fifth Third Bancorp in a research report on Friday. They issued an “outperform” rating on the stock. Finally, ValuEngine raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $24.50.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.20 by $0.10. Fifth Third Bancorp had a net margin of 16.55% and a return on equity of 7.37%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $0.71 earnings per share. The company’s quarterly revenue was down 3.0% on a year-over-year basis. On average, equities research analysts expect that Fifth Third Bancorp will post 1.4 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend was Monday, June 29th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 38.99%.
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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