Retirement Systems of Alabama Buys 1,006 Shares of Fifth Third Bancorp (FITB)
Retirement Systems of Alabama increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 363,773 shares of the financial services provider’s stock after buying an additional 1,006 shares during the period. Retirement Systems of Alabama’s holdings in Fifth Third Bancorp were worth $9,444,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Assetmark Inc. raised its stake in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the period. Quadrant Capital Group LLC raised its stake in Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock worth $138,000 after buying an additional 370 shares during the period. Sterling Investment Advisors Ltd. raised its stake in Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock worth $147,000 after buying an additional 1,000 shares during the period. YorkBridge Wealth Partners LLC raised its stake in Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock worth $142,000 after buying an additional 298 shares during the period. Finally, Duncker Streett & Co. Inc. raised its stake in 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 worth $168,000 after buying an additional 17 shares during the period. Institutional investors and hedge funds own 80.50% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) opened at 26.11 on Friday. The company has a market cap 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 price of $26.26 and a 200 day moving average price 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 results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the Zacks’ 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%. Fifth Third Bancorp’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS. Equities research analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.14%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.
Fifth Third Bancorp announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have weighed in on FITB shares. Jefferies Group LLC restated a “hold” rating and set a $28.00 price objective on shares of Fifth Third Bancorp in a research note on Friday. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Keefe, Bruyette & Woods restated a “hold” rating and set a $27.50 price objective on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Zacks Investment Research lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Wells Fargo & Company started coverage on Fifth Third Bancorp in a research note on Wednesday. They set a “market perform” rating and a $27.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have issued a buy rating to the company. The stock 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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