Fifth Third Bancorp (FITB) Shares Bought by Wellington Management Group LLP
Wellington Management Group LLP boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 149.3% during the first quarter, Holdings Channel reports. The institutional investor owned 2,166,765 shares of the financial services provider’s stock after buying an additional 1,297,487 shares during the period. Wellington Management Group LLP owned 0.29% of Fifth Third Bancorp worth $55,036,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Focused Wealth Management Inc purchased a new position in Fifth Third Bancorp during the fourth quarter worth approximately $119,000. Assetmark Inc. increased its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares in the last quarter. Quadrant Capital Group LLC increased its position in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares in the last quarter. YorkBridge Wealth Partners LLC increased its position in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares in the last quarter. Finally, Brown Advisory Inc. purchased a new position in Fifth Third Bancorp during the fourth quarter worth approximately $224,000. 81.18% of the stock is currently owned by institutional investors.
Fifth Third Bancorp (NASDAQ FITB) traded down 0.04% during mid-day trading on Friday, reaching $25.47. The company had a trading volume of 6,288,973 shares. The stock has a market capitalization of $19.11 billion, a price-to-earnings ratio of 13.32 and a beta of 1.35. Fifth Third Bancorp has a 52-week low of $16.14 and a 52-week high of $28.97. The company’s 50 day moving average is $24.51 and its 200 day moving average is $25.90.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.38 EPS for the quarter, hitting the consensus estimate of $0.38. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. Fifth Third Bancorp had a return on equity of 10.12% and a net margin of 22.64%. During the same period in the previous year, the business earned $0.40 EPS. Equities analysts predict that Fifth Third Bancorp will post $1.78 earnings per share for the current year.
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A number of research firms have commented on FITB. BidaskClub raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets reaffirmed a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Evercore ISI downgraded Fifth Third Bancorp from a “hold” rating to an “underperform” rating in a report on Friday, March 3rd. Hilliard Lyons downgraded Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $27.00 target price on the stock. in a report on Thursday, March 2nd. Finally, Rafferty Capital Markets downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, March 7th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $25.30.
In other news, EVP Frank R. Forrest sold 13,321 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $24.63, for a total value of $328,096.23. Following the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,768,261.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Teresa J. Tanner sold 54,984 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $24.88, for a total value of $1,368,001.92. Following the completion of the transaction, the chief accounting officer now directly owns 41,286 shares in the company, valued at $1,027,195.68. The disclosure for this sale can be found here. Insiders sold a total of 109,315 shares of company stock worth $2,716,947 over the last three months. 0.38% of the stock is owned by company insiders.
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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