Convergence Investment Partners LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 39.7% during the second quarter, Holdings Channel reports. The fund owned 90,817 shares of the financial services provider’s stock after selling 59,673 shares during the period. Convergence Investment Partners LLC’s holdings in Fifth Third Bancorp were worth $2,358,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Fifth Third Bancorp by 3,239.3% in the first quarter. BlackRock Inc. now owns 48,949,216 shares of the financial services provider’s stock valued at $1,243,309,000 after buying an additional 47,483,352 shares during the last quarter. Janus Capital Management LLC increased its stake in Fifth Third Bancorp by 622.7% in the first quarter. Janus Capital Management LLC now owns 6,555,529 shares of the financial services provider’s stock valued at $166,511,000 after buying an additional 5,648,401 shares during the last quarter. AQR Capital Management LLC increased its stake in Fifth Third Bancorp by 87.1% in the first quarter. AQR Capital Management LLC now owns 9,305,491 shares of the financial services provider’s stock valued at $236,360,000 after buying an additional 4,332,945 shares during the last quarter. Wells Fargo & Company MN increased its stake in Fifth Third Bancorp by 128.3% in the first quarter. Wells Fargo & Company MN now owns 4,898,077 shares of the financial services provider’s stock valued at $124,411,000 after buying an additional 2,752,511 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Fifth Third Bancorp by 2.9% in the first quarter. Vanguard Group Inc. now owns 57,242,180 shares of the financial services provider’s stock valued at $1,453,952,000 after buying an additional 1,608,632 shares during the last quarter. Institutional investors own 80.50% of the company’s stock.

Fifth Third Bancorp (NASDAQ:FITB) opened at 26.11 on Friday. The stock has a market capitalization of $19.24 billion, a P/E ratio of 13.23 and a beta of 1.37. The stock has a 50 day moving average price of $26.26 and a 200-day moving average price of $25.73. Fifth Third Bancorp has a 1-year low of $18.95 and a 1-year high of $28.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The firm 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 business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. Equities research analysts expect that Fifth Third Bancorp will post $1.82 EPS for the current 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 2.14%. The ex-dividend date of this dividend was Wednesday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 28.43%.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase 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 purchase up to 67% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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FITB has been the topic of several recent research reports. Instinet upped their price target on Fifth Third Bancorp from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, June 30th. TheStreet upgraded Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Deutsche Bank AG restated a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. 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. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $26.50 price target on shares of Fifth Third Bancorp in a research note on Friday, May 26th. Three equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target 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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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