Tyers Asset Management LLC Lowers Stake in Fifth Third Bancorp (NASDAQ:FITB)

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Tyers Asset Management LLC lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 45.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 167,750 shares of the financial services provider’s stock after selling 141,416 shares during the period. Tyers Asset Management LLC’s holdings in Fifth Third Bancorp were worth $4,231,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC lifted its position in Fifth Third Bancorp by 11.9% during the first quarter. Lazard Asset Management LLC now owns 596,430 shares of the financial services provider’s stock valued at $15,041,000 after acquiring an additional 63,480 shares during the last quarter. Morningstar Investment Services LLC lifted its position in Fifth Third Bancorp by 7.9% during the first quarter. Morningstar Investment Services LLC now owns 14,116 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 1,038 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in Fifth Third Bancorp by 10.9% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 563,358 shares of the financial services provider’s stock valued at $14,209,000 after acquiring an additional 55,145 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Fifth Third Bancorp by 99.8% during the first quarter. The Manufacturers Life Insurance Company now owns 4,248,170 shares of the financial services provider’s stock valued at $107,138,000 after acquiring an additional 2,121,611 shares during the last quarter. Finally, Duality Advisers LP purchased a new stake in Fifth Third Bancorp during the first quarter valued at approximately $1,659,000. 81.88% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp stock traded up $0.51 during mid-day trading on Tuesday, reaching $27.53. 226,416 shares of the company traded hands, compared to its average volume of 6,260,169. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $31.96. The firm has a market capitalization of $20.17 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 1.34 and a beta of 1.35.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a net margin of 26.80% and a return on equity of 11.77%. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the business posted $0.57 EPS. On average, sell-side analysts predict that Fifth Third Bancorp will post 2.79 EPS for the current fiscal year.

In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 55,600 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $27.47, for a total transaction of $1,527,332.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total transaction of $99,120.89. Following the transaction, the director now owns 50,397 shares in the company, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. Insiders have sold a total of 62,466 shares of company stock worth $1,716,402 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

A number of research firms recently commented on FITB. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, May 7th. Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. BMO Capital Markets increased their target price on shares of Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a research report on Thursday, April 25th. They noted that the move was a valuation call. UBS Group increased their target price on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Finally, Barclays increased their target price on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Buy” and a consensus target price of $31.60.

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Fifth Third Bancorp Company Profile

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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