Northern Trust Corp cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,378,788 shares of the financial services provider’s stock after selling 150,622 shares during the period. Northern Trust Corp owned approximately 1.27% of Fifth Third Bancorp worth $243,473,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FITB. BlackRock Inc. raised its holdings in shares of Fifth Third Bancorp by 3,239.3% during the 1st quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after buying an additional 47,483,352 shares in the last quarter. Janus Capital Management LLC raised its holdings in shares of Fifth Third Bancorp by 622.7% during the 1st quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock worth $166,511,000 after buying an additional 5,648,401 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Fifth Third Bancorp by 87.1% during the 1st quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after buying an additional 4,332,945 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Fifth Third Bancorp by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock worth $1,453,952,000 after buying an additional 1,608,632 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Fifth Third Bancorp by 1,130.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,459,713 shares of the financial services provider’s stock worth $37,894,000 after buying an additional 1,341,100 shares in the last quarter. 79.58% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total value of $183,574.84. Following the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is currently owned by corporate insiders.

A number of brokerages recently weighed in on FITB. Keefe, Bruyette & Woods restated a “hold” rating and set a $27.50 price objective on shares of Fifth Third Bancorp in a research report on Friday, July 14th. TheStreet lowered Fifth Third Bancorp from a “b” rating to a “c+” rating in a research report on Friday, May 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Robert W. Baird upgraded Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Monday, June 5th. Finally, BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $27.14.

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Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 27.31 on Friday. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97. The company has a market capitalization of $20.12 billion, a PE ratio of 13.84 and a beta of 1.36. The company has a 50 day moving average price of $26.47 and a 200 day moving average price of $25.59.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 EPS. Equities analysts predict that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 67% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.34%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.

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.

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

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