Hexavest Inc. grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,427,381 shares of the financial services provider’s stock after buying an additional 26,911 shares during the period. Hexavest Inc. owned 0.20% of Fifth Third Bancorp worth $43,878,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Fifth Third Bancorp by 4.2% in the first quarter. FMR LLC now owns 815,594 shares of the financial services provider’s stock valued at $20,569,000 after purchasing an additional 32,680 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its holdings in Fifth Third Bancorp by 10.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after buying an additional 55,145 shares in the last quarter. LPL Financial LLC lifted its holdings in Fifth Third Bancorp by 1.3% during the 2nd quarter. LPL Financial LLC now owns 60,047 shares of the financial services provider’s stock valued at $1,675,000 after buying an additional 779 shares in the last quarter. Cetera Advisor Networks LLC increased its position in Fifth Third Bancorp by 10.0% during the 2nd quarter. Cetera Advisor Networks LLC now owns 10,098 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 920 shares during the period. Finally, Renaissance Technologies LLC increased its position in Fifth Third Bancorp by 278.2% during the 2nd quarter. Renaissance Technologies LLC now owns 454,739 shares of the financial services provider’s stock valued at $12,687,000 after purchasing an additional 334,500 shares during the period. 78.68% of the stock is owned by institutional investors.
In related news, EVP Frank R. Forrest sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $30.53, for a total value of $228,975.00. Following the transaction, the executive vice president now directly owns 55,474 shares in the company, valued at approximately $1,693,621.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Philip Mchugh sold 36,382 shares of Fifth Third Bancorp stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $30.56, for a total transaction of $1,111,833.92. 0.40% of the stock is owned by corporate insiders.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the previous year, the business earned $0.64 EPS. Research analysts anticipate that Fifth Third Bancorp will post 2.8 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Monday, December 30th. Fifth Third Bancorp’s payout ratio is 37.80%.
A number of equities research analysts recently issued reports on FITB shares. Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Citigroup reduced their price objective on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $32.00 to $33.00 in a research note on Friday, October 25th. JPMorgan Chase & Co. reduced their price objective on Fifth Third Bancorp from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Finally, BidaskClub downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $31.70.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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