Moors & Cabot Inc. Takes $238,000 Position in Fifth Third Bancorp (FITB)

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Moors & Cabot Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, HoldingsChannel.com reports. The fund bought 9,316 shares of the financial services provider’s stock, valued at approximately $238,000.

Several other institutional investors have also recently bought and sold shares of the business. Sanders Capital LLC lifted its position in shares of Fifth Third Bancorp by 3.3% during the 1st quarter. Sanders Capital LLC now owns 18,398,085 shares of the financial services provider’s stock worth $518,001,000 after buying an additional 579,200 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fifth Third Bancorp by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after purchasing an additional 988,392 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fifth Third Bancorp by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after purchasing an additional 574,887 shares during the period. Northern Trust Corp raised its holdings in shares of Fifth Third Bancorp by 10.4% in the 4th quarter. Northern Trust Corp now owns 9,220,340 shares of the financial services provider’s stock worth $216,954,000 after purchasing an additional 868,917 shares during the period. Finally, Norges Bank bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $161,089,000. 78.05% of the stock is currently owned by hedge funds and other institutional investors.

Shares of FITB stock opened at $27.02 on Friday. 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 1 year low of $22.12 and a 1 year high of $32.01. The firm has a market cap of $20.09 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 1.38 and a beta of 1.36.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 2.77 EPS for the current fiscal year.

In other Fifth Third Bancorp news, CAO Teresa J. Tanner sold 2,918 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total transaction of $83,892.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Frank R. Forrest sold 26,000 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $26.37, for a total transaction of $685,620.00. Following the sale, the executive vice president now directly owns 62,974 shares in the company, valued at approximately $1,660,624.38. The disclosure for this sale can be found here. Insiders have sold a total of 84,727 shares of company stock worth $2,302,901 in the last three months. Insiders own 0.40% of the company’s stock.

FITB has been the topic of a number of research reports. Jefferies Financial Group raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Monday, April 1st. ValuEngine cut shares of Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a report on Monday, March 25th. Sandler O’Neill raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. BidaskClub cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Finally, Wedbush reaffirmed an “outperform” rating on shares of Fifth Third Bancorp in a report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.64.

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Fifth Third Bancorp 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.

Read More: What is a capital gain?

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB).

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

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