First Trust Advisors LP reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 6.6% during the second quarter, Holdings Channel reports. The institutional investor owned 2,189,791 shares of the financial services provider’s stock after selling 154,388 shares during the period. First Trust Advisors LP’s holdings in Fifth Third Bancorp were worth $56,847,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co raised its stake in Fifth Third Bancorp by 0.3% in the first quarter. Diversified Trust Co now owns 10,157 shares of the financial services provider’s stock valued at $258,000 after buying an additional 32 shares in the last quarter. Nippon Life Insurance Co. raised its stake in Fifth Third Bancorp by 29.6% in the first quarter. Nippon Life Insurance Co. now owns 52,483 shares of the financial services provider’s stock valued at $1,333,000 after buying an additional 11,976 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Fifth Third Bancorp during the first quarter valued at $871,000. Bollard Group LLC raised its stake in Fifth Third Bancorp by 0.5% in the first quarter. Bollard Group LLC now owns 17,804 shares of the financial services provider’s stock valued at $452,000 after buying an additional 90 shares in the last quarter. Finally, Ledyard National Bank raised its stake in Fifth Third Bancorp by 867.8% in the first quarter. Ledyard National Bank now owns 19,355 shares of the financial services provider’s stock valued at $492,000 after buying an additional 17,355 shares in the last quarter. Institutional investors own 80.50% of the company’s stock.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.11 on Friday. The stock has a market capitalization of $19.29 billion, a P/E ratio of 13.23 and a beta of 1.37. The company has a 50 day moving average of $26.26 and a 200-day moving average of $25.73. Fifth Third Bancorp has a one year low of $18.95 and a one year high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the 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 company 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 company earned $0.40 EPS. Fifth Third Bancorp’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts predict that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.

Fifth Third Bancorp announced that its board has approved a stock repurchase 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 a sign that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 annualized dividend and a yield of 2.14%. Fifth Third Bancorp’s payout ratio is 28.43%.

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A number of brokerages have commented on FITB. BidaskClub upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Wells Fargo & Company began coverage on shares of Fifth Third Bancorp in a research note on Wednesday. They set a “market perform” rating and a $27.00 price target for the company. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley restated an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, BMO Capital Markets restated a “market perform” rating and set a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $26.54.

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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