M&T Bank Corp lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,087 shares of the financial services provider’s stock after acquiring an additional 442 shares during the period. M&T Bank Corp’s holdings in Fifth Third Bancorp were worth $1,732,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Fifth Third Bancorp by 16.9% during the first quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock valued at $1,284,778,000 after buying an additional 7,355,944 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Fifth Third Bancorp by 99.8% during the first quarter. The Manufacturers Life Insurance Company now owns 4,248,170 shares of the financial services provider’s stock valued at $107,138,000 after buying an additional 2,121,611 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Fifth Third Bancorp by 36.8% during the second quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock valued at $209,013,000 after buying an additional 2,014,379 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Fifth Third Bancorp by 2,279.4% during the first quarter. Acadian Asset Management LLC now owns 1,843,474 shares of the financial services provider’s stock valued at $46,495,000 after buying an additional 1,765,998 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Fifth Third Bancorp by 15.4% during the first quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock valued at $268,268,000 after buying an additional 1,416,806 shares during the last quarter. 78.04% of the stock is owned by hedge funds and other institutional investors.
In other news, COO Lars C. Anderson sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total value of $743,750.00. Following the completion of the sale, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Evan Bayh acquired 4,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average cost of $25.93 per share, with a total value of $103,720.00. Following the transaction, the director now directly owns 48,517 shares in the company, valued at $1,258,045.81. The disclosure for this purchase can be found here. 0.40% of the stock is owned by company insiders.
Shares of NASDAQ FITB traded up $0.02 during midday trading on Monday, hitting $28.40. The company’s stock had a trading volume of 244,696 shares, compared to its average volume of 5,133,701. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The business’s 50 day moving average is $26.96 and its two-hundred day moving average is $27.28. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.20. The firm has a market cap of $20.48 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 1.38 and a beta of 1.38.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. During the same period in the prior year, the business posted $0.63 earnings per share. On average, analysts predict that Fifth Third Bancorp will post 2.83 earnings per share for the current fiscal year.
Fifth Third Bancorp announced that its Board of Directors has approved a share buyback program on Tuesday, June 18th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
FITB has been the subject of a number of research reports. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Wells Fargo & Co increased their price target on Fifth Third Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. dropped their price target on Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Raymond James upped their price objective on Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and an average target price of $31.27.
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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