Fifth Third Bancorp (FITB) Stake Raised by Piedmont Investment Advisors Inc.
Piedmont Investment Advisors Inc. raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 161,121 shares of the financial services provider’s stock after buying an additional 4,125 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Fifth Third Bancorp were worth $4,063,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. SRS Capital Advisors Inc. boosted its position in shares of Fifth Third Bancorp by 82.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 487 shares in the last quarter. Whitnell & Co. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $28,000. Guidant Wealth Advisors bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $38,000. Finally, First Command Bank boosted its position in shares of Fifth Third Bancorp by 2,825.0% during the first quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,582 shares in the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.
In other news, CAO Teresa J. Tanner sold 55,600 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $27.47, for a total value of $1,527,332.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. Insiders have sold 84,727 shares of company stock valued at $2,302,901 in the last quarter. 0.40% of the stock is owned by company insiders.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. During the same quarter in the previous year, the business earned $0.57 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 2.77 EPS for the current year.
Several equities research analysts recently weighed in on the company. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Sandler O’Neill upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, March 12th. Keefe, Bruyette & Woods upgraded Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a research report on Thursday, April 4th. Finally, Barclays lifted their price target on Fifth Third Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $31.64.
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Fifth Third Bancorp Company Profile
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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