Financial Engines Advisors L.L.C. Reduces Stake in Fifth Third Bancorp (FITB)
Financial Engines Advisors L.L.C. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 108,055 shares of the financial services provider’s stock after selling 6,846 shares during the period. Fifth Third Bancorp makes up about 0.1% of Financial Engines Advisors L.L.C.’s investment portfolio, making the stock its 26th largest position. Financial Engines Advisors L.L.C.’s holdings in Fifth Third Bancorp were worth $2,805,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. Nippon Life Insurance Co. boosted its stake in Fifth Third Bancorp by 29.6% in the first quarter. Nippon Life Insurance Co. now owns 52,483 shares of the financial services provider’s stock worth $1,333,000 after buying an additional 11,976 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in Fifth Third Bancorp during the first quarter worth about $871,000. Bollard Group LLC boosted its stake in Fifth Third Bancorp by 0.5% in the first quarter. Bollard Group LLC now owns 17,804 shares of the financial services provider’s stock worth $452,000 after buying an additional 90 shares during the last quarter. Ledyard National Bank boosted its stake in Fifth Third Bancorp by 867.8% in the first quarter. Ledyard National Bank now owns 19,355 shares of the financial services provider’s stock worth $492,000 after buying an additional 17,355 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Fifth Third Bancorp during the first quarter worth about $1,640,000. 80.50% of the stock is owned by institutional investors and hedge funds.
Shares of Fifth Third Bancorp (NASDAQ FITB) opened at 26.38 on Friday. The stock has a 50 day moving average price of $26.23 and a 200 day moving average price of $25.74. The firm has a market cap of $19.49 billion, a P/E ratio of 13.37 and a beta of 1.37. Fifth Third Bancorp has a 12-month low of $18.94 and a 12-month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. Fifth Third Bancorp’s revenue was up .1% compared to the same quarter last year. On average, equities analysts expect that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.16 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.56 annualized dividend and a yield of 2.12%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 28.43%.
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A number of research firms recently issued reports on FITB. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Wells Fargo & Company began coverage on Fifth Third Bancorp in a research note on Wednesday. They set a “market perform” rating and a $27.00 target price for the company. Deutsche Bank AG reissued a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and set a $28.00 target price (up from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $28.00 target price (up from $27.00) on shares of Fifth Third Bancorp in a research note on Tuesday, July 25th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $26.54.
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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