Retirement Systems of Alabama cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.9% during the second quarter, Holdings Channel reports. The institutional investor owned 391,391 shares of the financial services provider’s stock after selling 7,468 shares during the period. Retirement Systems of Alabama’s holdings in Fifth Third Bancorp were worth $6,885,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Montreal Can acquired a new position in Fifth Third Bancorp during the second quarter worth approximately $58,829,000. Hexavest Inc. boosted its position in Fifth Third Bancorp by 28,864.0% in the second quarter. Hexavest Inc. now owns 1,541,464 shares of the financial services provider’s stock worth $27,114,000 after buying an additional 1,536,142 shares in the last quarter. Wellington Management Group LLP boosted its position in Fifth Third Bancorp by 69.2% in the first quarter. Wellington Management Group LLP now owns 2,737,728 shares of the financial services provider’s stock worth $45,693,000 after buying an additional 1,120,110 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in Fifth Third Bancorp during the first quarter worth approximately $27,053,000. Finally, NN Investment Partners Holdings N.V. acquired a new position in Fifth Third Bancorp during the first quarter worth approximately $12,160,000. 79.73% of the stock is currently owned by institutional investors.
Shares of Fifth Third Bancorp (NASDAQ:FITB) traded down 0.05% on Monday, hitting $20.68. The stock had a trading volume of 6,503,817 shares. The firm has a market cap of $15.85 billion, a PE ratio of 10.07 and a beta of 1.33. The firm’s 50-day moving average price is $20.25 and its 200 day moving average price is $18.61. Fifth Third Bancorp has a 52-week low of $13.84 and a 52-week high of $21.14.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Thursday, July 28th. The financial services provider reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.03. Fifth Third Bancorp had a return on equity of 9.25% and a net margin of 23.36%. During the same quarter in the previous year, the business posted $0.36 earnings per share. On average, equities research analysts predict that Fifth Third Bancorp will post $1.60 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.52 annualized dividend and a yield of 2.51%. Fifth Third Bancorp’s payout ratio is 25.49%.
A number of research analysts recently commented on FITB shares. Barclays PLC reissued an “equal weight” rating and issued a $21.00 price target on shares of Fifth Third Bancorp in a report on Sunday, July 10th. Credit Agricole SA upped their price objective on Fifth Third Bancorp from $19.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, September 23rd. Stephens cut Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 5th. Morgan Stanley cut Fifth Third Bancorp from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $21.00 to $20.00 in a report on Tuesday, July 5th. Finally, Credit Suisse Group AG reaffirmed a “sell” rating on shares of Fifth Third Bancorp in a report on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have assigned a buy rating to the company’s stock. Fifth Third Bancorp has an average rating of “Hold” and a consensus target price of $20.64.
Fifth Third Bancorp Company 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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