Fifth Third Bancorp (FITB) Stake Lowered by Daiwa Securities Group Inc.
Daiwa Securities Group Inc. lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,777 shares of the financial services provider’s stock after selling 1,588 shares during the period. Daiwa Securities Group Inc.’s holdings in Fifth Third Bancorp were worth $643,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank increased its stake in shares of Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock worth $5,166,000 after buying an additional 72,991 shares during the period. Clinton Group Inc. purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth $1,543,000. Canada Pension Plan Investment Board increased its stake in shares of Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after buying an additional 47,254 shares during the period. Tyers Asset Management LLC increased its stake in shares of 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 during the period. Finally, First Trust Advisors LP increased its stake in shares of Fifth Third Bancorp by 128.6% in the first quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock worth $59,542,000 after buying an additional 1,318,692 shares during the period. 80.50% of the stock is owned by institutional investors.
Fifth Third Bancorp (NASDAQ FITB) opened at 26.11 on Friday. The firm has a 50-day moving average of $26.26 and a 200 day moving average of $25.73. Fifth Third Bancorp has a 12 month low of $18.95 and a 12 month high of $28.97. The firm has a market capitalization of $19.24 billion, a PE ratio of 13.23 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. Equities research analysts forecast that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.14%. Fifth Third Bancorp’s payout ratio is 28.43%.
Fifth Third Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.16 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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FITB has been the subject of a number of recent analyst reports. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $28.00 price target on shares of Fifth Third Bancorp in a report on Friday. BidaskClub raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Morgan Stanley reaffirmed 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, Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $26.54.
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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