Voya Investment Management LLC Has $10.62 Million Stake in Fifth Third Bancorp (FITB)
Voya Investment Management LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 409,029 shares of the financial services provider’s stock after selling 15,248 shares during the period. Voya Investment Management LLC owned approximately 0.06% of Fifth Third Bancorp worth $10,618,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Sterling Investment Advisors Ltd. grew its position in shares of Fifth Third Bancorp by 20.8% in the 1st 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 last quarter. Duncker Streett & Co. Inc. grew its position in shares of Fifth Third Bancorp by 0.3% in the 2nd 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 last quarter. Ullmann Financial Group Inc. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $167,000. Cornerstone Advisors Inc. grew its position in shares of Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after buying an additional 847 shares during the last quarter. Finally, Fulton Bank N.A. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $221,000. 79.58% of the stock is currently 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 on Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by corporate insiders.
Shares of Fifth Third Bancorp (FITB) opened at 28.19 on Friday. The firm’s 50-day moving average is $26.79 and its 200 day moving average is $25.68. Fifth Third Bancorp has a 52 week low of $19.57 and a 52 week high of $28.97. The firm has a market capitalization of $20.77 billion, a PE ratio of 14.29 and a beta of 1.37.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The company’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 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post $1.83 earnings per share for the current year.
Fifth Third Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 67% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a $0.16 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is presently 32.49%.
A number of research analysts have recently issued reports on the stock. Robert W. Baird downgraded shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price objective on the stock. in a research report on Monday, October 2nd. UBS AG reaffirmed a “sell” rating and issued a $26.00 price objective (up previously from $25.00) on shares of Fifth Third Bancorp in a research report on Friday. BMO Capital Markets reaffirmed a “hold” rating and issued a $29.00 price objective on shares of Fifth Third Bancorp in a research report on Thursday. BidaskClub downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the company. Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $27.92.
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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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