The Manufacturers Life Insurance Company Sells 60,059 Shares of Fifth Third Bancorp (FITB)
The Manufacturers Life Insurance Company decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.2% in the fourth quarter, Holdings Channel reports. The fund owned 2,698,787 shares of the financial services provider’s stock after selling 60,059 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Fifth Third Bancorp were worth $81,881,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Horan Capital Advisors LLC. acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $102,000. Valeo Financial Advisors LLC acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $119,000. Harvest Fund Management Co. Ltd acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $148,000. SeaCrest Wealth Management LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $162,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Fifth Third Bancorp by 268.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,456 shares of the financial services provider’s stock valued at $196,000 after acquiring an additional 4,706 shares during the last quarter. Institutional investors own 84.41% of the company’s stock.
Fifth Third Bancorp (FITB) opened at $33.13 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99. The firm has a market cap of $23,034.33, a P/E ratio of 11.62, a P/E/G ratio of 1.83 and a beta of 1.36. Fifth Third Bancorp has a 1 year low of $23.20 and a 1 year high of $33.91.
FITB has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Macquarie downgraded shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $28.47 to $26.00 in a report on Friday, November 17th. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Oppenheimer reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Thursday, December 7th. Finally, Barclays raised their price target on shares of Fifth Third Bancorp from $31.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $30.70.
In related news, CEO Greg D. Carmichael sold 87,613 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $32.37, for a total transaction of $2,836,032.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mark D. Hazel sold 7,500 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $32.81, for a total transaction of $246,075.00. Following the transaction, the senior vice president now directly owns 62,254 shares of the company’s stock, valued at approximately $2,042,553.74. The disclosure for this sale can be found here. Insiders have sold a total of 122,086 shares of company stock valued at $3,951,344 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.
Fifth Third Bancorp 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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