Fifth Third Bancorp (FITB) Position Held by Shell Asset Management Co.
Shell Asset Management Co. maintained its stake in Fifth Third Bancorp (NASDAQ:FITB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,078 shares of the financial services provider’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Fifth Third Bancorp were worth $1,196,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Toronto Dominion Bank boosted its stake in Fifth Third Bancorp by 56.0% in the first quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock valued at $5,166,000 after buying an additional 72,991 shares during the period. Clinton Group Inc. acquired a new stake in Fifth Third Bancorp during the first quarter valued at approximately $1,543,000. Canada Pension Plan Investment Board boosted its stake in Fifth Third Bancorp by 66.2% in the first quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock valued at $3,013,000 after buying an additional 47,254 shares during the period. Tyers Asset Management LLC boosted its stake in Fifth Third Bancorp by 34.7% in the first quarter. Tyers Asset Management LLC now owns 173,976 shares of the financial services provider’s stock valued at $4,419,000 after buying an additional 44,814 shares during the period. Finally, First Trust Advisors LP boosted its stake in Fifth Third Bancorp by 128.6% in the first quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock valued at $59,542,000 after buying an additional 1,318,692 shares during the period. Institutional investors own 80.35% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) opened at 27.18 on Friday. The stock has a market cap of $20.08 billion, a PE ratio of 13.78 and a beta of 1.37. The firm has a 50-day moving average price of $25.93 and a 200-day moving average price of $25.68. Fifth Third Bancorp has a 12-month low of $18.61 and a 12-month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 EPS. Analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio is 28.43%.
Fifth Third Bancorp declared that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 67% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
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FITB has been the subject of several recent analyst reports. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Piper Jaffray Companies lowered their price target on Fifth Third Bancorp from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday, April 11th. Royal Bank Of Canada restated a “buy” rating and issued a $28.00 price target on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $26.51.
Fifth Third Bancorp Company Profile
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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