Korea Investment CORP decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 31.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 264,123 shares of the financial services provider’s stock after selling 123,717 shares during the period. Korea Investment CORP’s holdings in Fifth Third Bancorp were worth $6,857,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. raised its position in Fifth Third Bancorp by 0.7% in the first quarter. Assetmark Inc. now owns 4,770 shares of the financial services provider’s stock worth $121,000 after buying an additional 32 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Quadrant Capital Group LLC now owns 5,581 shares of the financial services provider’s stock valued at $138,000 after buying an additional 370 shares in the last quarter. Sterling Investment Advisors Ltd. raised its position in shares of Fifth Third Bancorp by 20.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,000 shares in the last quarter. YorkBridge Wealth Partners LLC raised its position in shares of Fifth Third Bancorp by 5.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,816 shares of the financial services provider’s stock valued at $142,000 after buying an additional 298 shares in the last quarter. Finally, Duncker Streett & Co. Inc. raised its position in shares of Fifth Third Bancorp by 0.3% in the second quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after buying an additional 17 shares in the last quarter. Institutional investors and hedge funds own 80.50% of the company’s stock.

Fifth Third Bancorp (NASDAQ FITB) opened at 26.38 on Friday. The firm has a market capitalization of $19.49 billion, a PE ratio of 13.37 and a beta of 1.37. Fifth Third Bancorp has a one year low of $18.94 and a one year high of $28.97. The stock’s 50 day moving average price is $26.23 and its 200 day moving average price is $25.74.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the 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 net margin of 21.83% and a return on equity of 10.44%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 earnings per share. Analysts expect that Fifth Third Bancorp will post $1.83 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Stockholders of record on Friday, June 30th were given a $0.14 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.12%. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.16 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 67% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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Several equities analysts recently weighed in on FITB shares. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Thursday, July 27th. 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 research note on Thursday, July 6th. BMO Capital Markets restated a “hold” rating and issued a $27.00 price target on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $27.50 price target on shares of Fifth Third Bancorp in a research note on Friday, July 14th. Finally, BidaskClub upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $26.54.

About Fifth Third Bancorp

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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