Schroder Investment Management Group Sells 39,678 Shares of Fifth Third Bancorp (FITB)
Schroder Investment Management Group cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 6.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 556,759 shares of the financial services provider’s stock after selling 39,678 shares during the period. Schroder Investment Management Group owned about 0.08% of Fifth Third Bancorp worth $14,515,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. IFM Investors Pty Ltd acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $552,000. Fiduciary Trust Co. raised its holdings in shares of Fifth Third Bancorp by 71.3% in the second quarter. Fiduciary Trust Co. now owns 152,023 shares of the financial services provider’s stock valued at $3,947,000 after purchasing an additional 63,294 shares during the last quarter. Sawtooth Solutions LLC raised its holdings in shares of Fifth Third Bancorp by 4.6% in the second quarter. Sawtooth Solutions LLC now owns 10,531 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 465 shares during the last quarter. Brandes Investment Partners LP raised its holdings in shares of Fifth Third Bancorp by 0.6% in the second quarter. Brandes Investment Partners LP now owns 232,639 shares of the financial services provider’s stock valued at $6,040,000 after purchasing an additional 1,313 shares during the last quarter. Finally, Delta Lloyd Asset Management N.V. acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $2,702,000. Institutional investors own 79.60% of the company’s stock.
FITB has been the topic of a number of recent research reports. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 14th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets reiterated a “hold” rating and issued a $27.00 price objective on shares of Fifth Third Bancorp in a report on Friday, May 26th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $26.71.
Fifth Third Bancorp (FITB) opened at 26.32 on Friday. Fifth Third Bancorp has a 52-week low of $19.57 and a 52-week high of $28.97. The company has a market capitalization of $19.39 billion, a PE ratio of 13.34 and a beta of 1.36. The firm’s 50-day moving average is $26.43 and its 200-day moving average is $25.64.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm posted $0.40 EPS. The business’s revenue was up .1% compared to the same quarter last year. On average, equities research analysts forecast that Fifth Third Bancorp will post $1.82 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in shares. This buyback authorization allows the financial services provider to purchase up to 67% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, EVP Frank R. Forrest sold 7,004 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at approximately $1,881,694.53. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.
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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