Insider Selling: Fifth Third Bancorp (FITB) EVP Sells 7,004 Shares of Stock
Fifth Third Bancorp (NASDAQ:FITB) EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Fifth Third Bancorp (NASDAQ FITB) traded up 1.37% during mid-day trading on Tuesday, reaching $26.57. The company had a trading volume of 3,621,840 shares. The firm has a market capitalization of $19.57 billion, a price-to-earnings ratio of 13.47 and a beta of 1.37. Fifth Third Bancorp has a one year low of $19.34 and a one year high of $28.97. The stock has a 50 day moving average of $26.46 and a 200-day moving average of $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations 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 revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. Equities analysts predict that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 67% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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Large investors have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its stake in Fifth Third Bancorp by 68.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 209,181 shares of the financial services provider’s stock worth $5,313,000 after buying an additional 85,100 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in Fifth Third Bancorp by 10.0% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 64,429 shares of the financial services provider’s stock worth $1,636,000 after buying an additional 5,863 shares in the last quarter. Capital Advisors Inc. OK raised its stake in Fifth Third Bancorp by 0.5% in the first quarter. Capital Advisors Inc. OK now owns 46,895 shares of the financial services provider’s stock worth $1,191,000 after buying an additional 255 shares in the last quarter. Argyle Capital Management Inc. raised its stake in Fifth Third Bancorp by 1.6% in the first quarter. Argyle Capital Management Inc. now owns 49,800 shares of the financial services provider’s stock worth $1,265,000 after buying an additional 800 shares in the last quarter. Finally, Breton Hill Capital Ltd. raised its stake in Fifth Third Bancorp by 15.5% in the first quarter. Breton Hill Capital Ltd. now owns 76,032 shares of the financial services provider’s stock worth $1,931,000 after buying an additional 10,210 shares in the last quarter. Institutional investors own 81.26% of the company’s stock.
A number of equities analysts have recently issued reports on FITB shares. Instinet increased their target price on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, June 30th. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b” rating in a report on Friday, June 23rd. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Morgan Stanley restated an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Three equities 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 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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