Carnegie Capital Asset Management LLC Maintains Stake in Fifth Third Bancorp (FITB)
Carnegie Capital Asset Management LLC held its position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 9,777 shares of the financial services provider’s stock at the end of the second quarter. Carnegie Capital Asset Management LLC’s holdings in Fifth Third Bancorp were worth $264,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Sterling Investment Advisors Ltd. boosted its stake in Fifth Third Bancorp by 20.8% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,000 shares during the period. Ullmann Financial Group Inc. bought a new position in Fifth Third Bancorp in the 1st quarter worth approximately $167,000. Duncker Streett & Co. Inc. boosted its stake in Fifth Third Bancorp by 0.3% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 17 shares during the period. Cornerstone Advisors Inc. boosted its stake in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 847 shares during the period. Finally, Robecosam AG boosted its stake in Fifth Third Bancorp by 6.3% in the 1st quarter. Robecosam AG now owns 8,500 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 79.58% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 27.98 on Friday. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The company has a 50-day moving average price of $26.47 and a 200-day moving average price of $25.59. The company has a market capitalization of $20.61 billion, a P/E ratio of 14.18 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the company posted $0.40 EPS. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 67% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s payout ratio is currently 32.49%.
In related news, EVP Frank R. Forrest sold 7,004 shares of the business’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 sale, the executive vice president now owns 71,793 shares in the company, valued at approximately $1,881,694.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is currently owned by insiders.
Several research analysts have weighed in on the company. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Nomura upped their price target on Fifth Third Bancorp from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods restated a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Finally, Instinet restated a “neutral” rating and issued a $29.00 price target (up from $28.00) on shares of Fifth Third Bancorp in a research note on Saturday. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and two have issued a buy rating to the stock. Fifth Third Bancorp has a consensus rating of “Hold” and an average target price of $27.81.
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About Fifth Third Bancorp
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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