Northwestern Mutual Investment Management Company LLC trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 80.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,291 shares of the financial services provider’s stock after selling 122,412 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Fifth Third Bancorp were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of FITB. Vanguard Group Inc. lifted its holdings in shares of Fifth Third Bancorp by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares during the period. BlackRock Inc. raised its holdings in Fifth Third Bancorp by 3,239.3% during the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock worth $1,243,309,000 after purchasing an additional 47,483,352 shares during the last quarter. Sanders Capital LLC raised its holdings in Fifth Third Bancorp by 1.4% during the first quarter. Sanders Capital LLC now owns 13,730,238 shares of the financial services provider’s stock worth $354,605,000 after purchasing an additional 189,300 shares during the last quarter. AQR Capital Management LLC raised its holdings in Fifth Third Bancorp by 87.1% during the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock worth $236,360,000 after purchasing an additional 4,332,945 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Fifth Third Bancorp by 8.0% during the first quarter. Geode Capital Management LLC now owns 8,455,254 shares of the financial services provider’s stock worth $214,494,000 after purchasing an additional 627,613 shares during the last quarter. 79.60% of the stock is owned by institutional investors.
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Several research firms have weighed in on FITB. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Wells Fargo & Company began coverage on Fifth Third Bancorp in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $27.00 price objective for the company. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research report on Thursday, July 6th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $28.00 price target (up previously from $27.00) on shares of Fifth Third Bancorp in a research report on Tuesday, July 25th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have assigned a buy rating to the stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $26.54.
Shares of Fifth Third Bancorp (FITB) opened at 26.18 on Wednesday. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97. The company has a 50 day moving average of $26.45 and a 200-day moving average of $25.64. The firm has a market cap of $19.29 billion, a price-to-earnings ratio of 13.27 and a beta of 1.36.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The firm’s revenue was up .1% compared to the same quarter last year. On average, analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction on Friday, August 18th. The shares were 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 in the company, valued at $1,881,694.53. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.38% of the company’s stock.
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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