Alps Advisors Inc. Raises Stake in Fifth Third Bancorp (FITB)
Alps Advisors Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 27.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,773 shares of the financial services provider’s stock after buying an additional 2,983 shares during the period. Alps Advisors Inc.’s holdings in Fifth Third Bancorp were worth $358,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the company. CT Mason increased its position in Fifth Third Bancorp by 1.5% in the first quarter. CT Mason now owns 218,310 shares of the financial services provider’s stock worth $5,545,000 after buying an additional 3,170 shares in the last quarter. Chicago Equity Partners LLC increased its position in Fifth Third Bancorp by 21.7% in the first quarter. Chicago Equity Partners LLC now owns 11,950 shares of the financial services provider’s stock worth $304,000 after buying an additional 2,130 shares in the last quarter. Tyers Asset Management LLC increased its position in Fifth Third Bancorp by 34.7% in the first quarter. Tyers Asset Management LLC now owns 173,976 shares of the financial services provider’s stock worth $4,419,000 after buying an additional 44,814 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its position in Fifth Third Bancorp by 47.2% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 18,498 shares of the financial services provider’s stock worth $470,000 after buying an additional 5,933 shares in the last quarter. Finally, Winch Advisory Services LLC increased its position in Fifth Third Bancorp by 22.9% in the first quarter. Winch Advisory Services LLC now owns 53,260 shares of the financial services provider’s stock worth $1,353,000 after buying an additional 9,937 shares in the last quarter. Hedge funds and other institutional investors own 79.58% of the company’s stock.
Fifth Third Bancorp (NASDAQ FITB) opened at 26.26 on Wednesday. The company has a market capitalization of $19.35 billion, a PE ratio of 13.31 and a beta of 1.37. The company has a 50-day moving average price of $26.49 and a 200 day moving average price of $25.74. Fifth Third Bancorp has a 12 month low of $19.55 and a 12 month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the business posted $0.40 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.
Fifth Third Bancorp announced that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of equities analysts recently commented on the company. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Wells Fargo & Company initiated coverage on Fifth Third Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $27.00 price target on the stock. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a report on Tuesday, July 25th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have issued a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $26.54.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the sale, the executive vice president now directly 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company’s stock.
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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