Benin Management CORP grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 60,850 shares of the financial services provider’s stock after acquiring an additional 700 shares during the period. Fifth Third Bancorp comprises about 0.8% of Benin Management CORP’s holdings, making the stock its 27th largest holding. Benin Management CORP’s holdings in Fifth Third Bancorp were worth $1,871,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Covington Capital Management purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $25,000. Global Retirement Partners LLC purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $31,000. FinTrust Capital Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $32,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Fifth Third Bancorp by 4,403.4% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,306 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,277 shares during the last quarter. Finally, CSat Investment Advisory L.P. grew its stake in shares of Fifth Third Bancorp by 179.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,121 shares during the last quarter. Hedge funds and other institutional investors own 78.68% of the company’s stock.
Several research firms recently weighed in on FITB. Odeon Capital Group began coverage on Fifth Third Bancorp in a research note on Friday, December 6th. They issued a “hold” rating on the stock. BidaskClub downgraded Fifth Third Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 18th. Citigroup cut their price target on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Wedbush restated an “outperform” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada restated a “buy” rating and issued a $32.00 price target on shares of Fifth Third Bancorp in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.43.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $1.94 billion. Fifth Third Bancorp had a net margin of 25.65% and a return on equity of 10.96%. During the same period in the previous year, the company earned $0.69 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 2.95 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.96 annualized dividend and a dividend yield of 3.27%. Fifth Third Bancorp’s payout ratio is 34.66%.
In other news, EVP Philip Mchugh sold 36,382 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $30.56, for a total transaction of $1,111,833.92. Also, EVP Frank R. Forrest sold 7,500 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $30.53, for a total value of $228,975.00. Following the transaction, the executive vice president now directly owns 55,474 shares in the company, valued at $1,693,621.22. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
Fifth Third Bancorp Company 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.
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