Quantitative Investment Management LLC Purchases Shares of 426,200 Fifth Third Bancorp (FITB)
Quantitative Investment Management LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 426,200 shares of the financial services provider’s stock, valued at approximately $11,064,000. Quantitative Investment Management LLC owned 0.06% of Fifth Third Bancorp at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of FITB. Context BH Capital Management LP acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $308,000. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Fifth Third Bancorp by 0.3% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 346,050 shares of the financial services provider’s stock valued at $8,983,000 after purchasing an additional 1,100 shares in the last quarter. Investment Centers of America Inc. lifted its stake in shares of Fifth Third Bancorp by 5.4% in the 2nd quarter. Investment Centers of America Inc. now owns 49,476 shares of the financial services provider’s stock valued at $1,286,000 after purchasing an additional 2,557 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Fifth Third Bancorp by 58.0% in the 2nd quarter. Amalgamated Bank now owns 84,592 shares of the financial services provider’s stock valued at $2,196,000 after purchasing an additional 31,048 shares in the last quarter. Finally, Bahl & Gaynor Inc. lifted its stake in shares of Fifth Third Bancorp by 2.6% in the 2nd quarter. Bahl & Gaynor Inc. now owns 216,759 shares of the financial services provider’s stock valued at $5,846,000 after purchasing an additional 5,585 shares in the last quarter. Institutional investors own 79.58% of the company’s stock.
Fifth Third Bancorp (NASDAQ FITB) opened at 27.61 on Thursday. The firm has a market capitalization of $20.34 billion, a price-to-earnings ratio of 13.99 and a beta of 1.36. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The firm has a 50 day moving average price of $26.47 and a 200-day moving average price of $25.59.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 21st. The financial services provider reported $0.45 earnings per share 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 the consensus estimate of $1.52 billion. During the same quarter in the prior year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current year.
Fifth Third Bancorp announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.16 billion in shares. This repurchase authorization permits the financial services provider to buy up to 67% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be paid a dividend of $0.16 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, September 28th. This represents a $0.64 annualized dividend and a yield of 2.33%. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred 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 owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.
Several equities analysts have recently weighed in on FITB shares. Instinet lifted their price objective on Fifth Third Bancorp from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, June 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Monday, July 3rd. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b” rating in a research note on Friday, June 23rd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a research note on Saturday, July 22nd. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $27.14.
Fifth Third Bancorp 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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