Pioneer Investment Management Inc. Increases Position in Fifth Third Bancorp (NASDAQ:FITB)
Pioneer Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 310.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 867,603 shares of the financial services provider’s stock after buying an additional 656,063 shares during the period. Pioneer Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $22,523,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Duncker Streett & Co. Inc. increased its stake in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares in the last quarter. Diversified Trust Co increased its stake in shares of 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. Assetmark Inc. increased its stake in shares of Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock valued at $121,000 after buying an additional 32 shares in the last quarter. Bragg Financial Advisors Inc increased its stake in shares of Fifth Third Bancorp by 0.4% in the first quarter. Bragg Financial Advisors Inc now owns 12,479 shares of the financial services provider’s stock valued at $317,000 after buying an additional 55 shares in the last quarter. Finally, Catawba Capital Management VA increased its stake in shares of Fifth Third Bancorp by 0.6% in the second quarter. Catawba Capital Management VA now owns 10,655 shares of the financial services provider’s stock valued at $277,000 after buying an additional 65 shares in the last quarter. Institutional investors own 80.50% of the company’s stock.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 27.14 on Thursday. The company has a market cap of $20.05 billion, a PE ratio of 13.76 and a beta of 1.37. Fifth Third Bancorp has a 12-month low of $18.94 and a 12-month high of $28.97. The company has a 50 day moving average of $26.20 and a 200-day moving average of $25.73.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. Equities research analysts anticipate that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program 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 buy up to 67% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.06%. The ex-dividend date was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.
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Several analysts have recently commented on the company. Keefe, Bruyette & Woods restated a “hold” rating and issued a $27.50 target price on shares of Fifth Third Bancorp in a research note on Friday, July 14th. TheStreet downgraded Fifth Third Bancorp from a “b” rating to a “c+” rating in a research note on Friday, May 26th. BMO Capital Markets reiterated 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. Wells Fargo & Company began coverage on Fifth Third Bancorp in a research note on Wednesday. They set a “market perform” rating for the company. Finally, Robert W. Baird upgraded Fifth Third Bancorp from an “underperform” rating to a “neutral” rating and set a $24.00 price target for the company in a research note on Monday, June 5th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $26.51.
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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