D.A. Davidson & CO. Has $1.40 Million Position in Fifth Third Bancorp (FITB)
D.A. Davidson & CO. trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,003 shares of the financial services provider’s stock after selling 2,321 shares during the quarter. D.A. Davidson & CO.’s holdings in Fifth Third Bancorp were worth $1,401,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Pinebridge Investments L.P. increased its holdings in Fifth Third Bancorp by 29.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 552,502 shares of the financial services provider’s stock worth $14,343,000 after acquiring an additional 127,172 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Fifth Third Bancorp by 3.8% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 3,155,531 shares of the financial services provider’s stock worth $81,918,000 after acquiring an additional 116,535 shares in the last quarter. Quantitative Investment Management LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $11,064,000. Context BH Capital Management LP purchased a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $308,000. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in 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 worth $8,983,000 after acquiring an additional 1,100 shares in the last quarter. 79.58% of the stock is owned by institutional investors.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the company’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares in the company, valued at approximately $1,881,694.53. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.38% of the stock is owned by corporate insiders.
Shares of Fifth Third Bancorp (NASDAQ:FITB) opened at 27.31 on Friday. Fifth Third Bancorp has a 12 month low of $19.57 and a 12 month high of $28.97. The company has a market capitalization of $20.12 billion, a P/E ratio of 13.84 and a beta of 1.36. The company 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 issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Fifth Third Bancorp had a return on equity of 10.44% and a net margin of 21.83%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.16 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is presently 28.43%.
Fifth Third Bancorp announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.16 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
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Several research firms recently issued reports on FITB. BidaskClub raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Wells Fargo & Company initiated coverage on shares of Fifth Third Bancorp in a report on Wednesday, August 9th. They set a “market perform” rating and a $27.00 price objective for the company. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $31.00 price objective (up from $29.00) on shares of Fifth Third Bancorp in a report on Saturday, September 16th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Fifth Third Bancorp in a report on Monday, July 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $28.00 price objective (up from $26.00) on shares of Fifth Third Bancorp in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $27.38.
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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