Cerebellum GP LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 331.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 12,777 shares of the financial services provider’s stock after acquiring an additional 9,814 shares during the period. Cerebellum GP LLC’s holdings in Fifth Third Bancorp were worth $356,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. increased its stake in shares of Fifth Third Bancorp by 3,548.5% during the 2nd quarter. Bessemer Group Inc. now owns 226,825 shares of the financial services provider’s stock worth $6,328,000 after purchasing an additional 220,608 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Fifth Third Bancorp by 3.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 220,097 shares of the financial services provider’s stock valued at $6,140,000 after buying an additional 7,891 shares during the last quarter. Norris Perne & French LLP MI grew its stake in Fifth Third Bancorp by 6.5% in the 2nd quarter. Norris Perne & French LLP MI now owns 16,768 shares of the financial services provider’s stock valued at $468,000 after buying an additional 1,023 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in Fifth Third Bancorp by 12.1% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 29,713 shares of the financial services provider’s stock valued at $829,000 after buying an additional 3,200 shares during the last quarter. Finally, Altium Wealth Management LLC grew its stake in Fifth Third Bancorp by 17.0% in the 2nd quarter. Altium Wealth Management LLC now owns 10,504 shares of the financial services provider’s stock valued at $293,000 after buying an additional 1,524 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on FITB shares. BMO Capital Markets boosted their price objective on shares of Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, April 25th. They noted that the move was a valuation call. Wedbush boosted their price objective on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. cut their price objective on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Finally, Barclays upped their price target on shares of Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $31.27.
In other news, COO Lars C. Anderson sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were 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 directly owns 241,579 shares in the company, valued at approximately $7,186,975.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $26.51, for a total transaction of $99,120.89. Following the sale, the director now owns 50,397 shares of the company’s stock, valued at $1,336,024.47. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.
FITB opened at $25.22 on Friday. The firm has a market capitalization of $19.31 billion, a P/E ratio of 9.93, a PEG ratio of 1.31 and a beta of 1.32. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. The company’s 50-day moving average is $28.00 and its 200 day moving average is $27.40. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $30.31.
Fifth Third Bancorp (NASDAQ:FITB) last posted its 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 during the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. During the same quarter last year, the company earned $0.63 earnings per share. On average, equities research analysts expect that Fifth Third Bancorp will post 2.81 earnings per share for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase program on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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