Executive Wealth Management LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 12.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,953 shares of the financial services provider’s stock after selling 437 shares during the quarter. Executive Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $82,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Whitnell & Co. acquired a new position in Fifth Third Bancorp in the 1st quarter worth $28,000. Guidant Wealth Advisors acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $29,000. NEXT Financial Group Inc raised its stake in shares of Fifth Third Bancorp by 53.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 443 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at about $38,000. Finally, First Command Bank raised its stake in shares of Fifth Third Bancorp by 2,825.0% in the 1st quarter. First Command Bank now owns 1,638 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,582 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.
In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the transaction, the director now owns 50,397 shares in the company, valued at approximately $1,336,024.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Lars C. Anderson sold 25,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total transaction of $743,750.00. Following the completion of the transaction, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
Shares of NASDAQ:FITB traded down $0.14 during trading on Thursday, reaching $25.37. 150,725 shares of the company’s stock traded hands, compared to its average volume of 5,432,981. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $30.31. The company’s 50 day moving average is $28.04. The stock has a market cap of $19.05 billion, a PE ratio of 10.00, a P/E/G ratio of 1.29 and a beta of 1.32.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. On average, research analysts anticipate that Fifth Third Bancorp will post 2.81 EPS for the current year.
Fifth Third Bancorp declared that its board has approved a stock repurchase program on Tuesday, June 18th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of equities research analysts have recently issued reports on the stock. Citigroup lowered shares of Fifth Third Bancorp from a “buy” rating to a “neutral” rating and cut their target price for the company from $31.00 to $30.00 in a research note on Friday, July 12th. JPMorgan Chase & Co. cut their target price on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Nomura set a $29.00 target price on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. UBS Group upped 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 note on Wednesday, April 24th. Finally, Barclays upped 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 note on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $31.27.
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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