Olstein Capital Management L.P. continued to hold its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 232,000 shares of the financial services provider’s stock at the end of the second quarter. Olstein Capital Management L.P.’s holdings in Fifth Third Bancorp were worth $6,023,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FITB. State of Wisconsin Investment Board increased its position in shares of Fifth Third Bancorp by 75.0% in the second quarter. State of Wisconsin Investment Board now owns 1,305,429 shares of the financial services provider’s stock worth $33,889,000 after buying an additional 559,680 shares during the last quarter. LMR Partners LLP increased its position in shares of Fifth Third Bancorp by 1,014.8% in the second quarter. LMR Partners LLP now owns 93,584 shares of the financial services provider’s stock worth $2,430,000 after buying an additional 85,189 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Fifth Third Bancorp by 4.5% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 446,771 shares of the financial services provider’s stock worth $11,598,000 after buying an additional 19,064 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Fifth Third Bancorp by 13.2% in the second quarter. DekaBank Deutsche Girozentrale now owns 68,035 shares of the financial services provider’s stock worth $1,847,000 after buying an additional 7,935 shares during the last quarter. Finally, Bank of The Ozarks increased its position in shares of Fifth Third Bancorp by 232.4% in the second quarter. Bank of The Ozarks now owns 27,976 shares of the financial services provider’s stock worth $726,000 after buying an additional 19,559 shares during the last quarter. 81.26% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 26.68 on Tuesday. The stock has a market cap of $19.66 billion, a P/E ratio of 13.52 and a beta of 1.37. Fifth Third Bancorp has a 12-month low of $19.32 and a 12-month high of $28.97. The company has a 50 day moving average price of $26.32 and a 200 day moving average price of $25.72.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. Analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.

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A number of brokerages recently commented on FITB. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Wells Fargo & Company began coverage on Fifth Third Bancorp in a research report on Wednesday, August 9th. They set a “market perform” rating and a $27.00 price objective on the stock. Deutsche Bank AG reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $28.00 price objective (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Three investment 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. The stock presently has a consensus rating of “Hold” and a consensus 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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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