Cubist Systematic Strategies LLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 249.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,872 shares of the financial services provider’s stock after purchasing an additional 33,472 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Fifth Third Bancorp were worth $1,217,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Prudential Financial Inc. increased its stake in Fifth Third Bancorp by 1.5% in the 2nd quarter. Prudential Financial Inc. now owns 2,234,087 shares of the financial services provider’s stock worth $57,997,000 after purchasing an additional 33,660 shares in the last quarter. Gotham Asset Management LLC purchased a new position in Fifth Third Bancorp in the 1st quarter worth about $303,000. Cornerstone Advisors Inc. increased its stake in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 847 shares in the last quarter. Principal Financial Group Inc. increased its stake in Fifth Third Bancorp by 4.9% in the 2nd quarter. Principal Financial Group Inc. now owns 1,472,742 shares of the financial services provider’s stock worth $38,232,000 after purchasing an additional 68,859 shares in the last quarter. Finally, Capital Fund Management S.A. increased its stake in Fifth Third Bancorp by 69.8% in the 2nd quarter. Capital Fund Management S.A. now owns 321,226 shares of the financial services provider’s stock worth $8,339,000 after purchasing an additional 132,047 shares in the last quarter. 79.58% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the transaction, 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 can be accessed through this link. 0.38% of the stock is currently owned by company insiders.
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A number of equities analysts recently weighed in on FITB shares. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Instinet lifted their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, June 30th. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and three have issued a buy rating to the stock. Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $28.13.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 27.77 on Friday. The firm has a market capitalization of $20.46 billion, a price-to-earnings ratio of 14.08 and a beta of 1.37. Fifth Third Bancorp has a one year low of $19.57 and a one year high of $28.97. The stock’s 50 day moving average price is $27.00 and its 200 day moving average price is $25.77.
Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. Fifth Third Bancorp’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company earned $0.40 earnings per share. Analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, September 28th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.27%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 32.49%.
Fifth Third Bancorp declared that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $1.16 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
About Fifth Third Bancorp
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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