Lazard Asset Management LLC Sells 8,837 Shares of Fifth Third Bancorp (FITB)
Lazard Asset Management LLC cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 188,633 shares of the financial services provider’s stock after selling 8,837 shares during the quarter. Lazard Asset Management LLC’s holdings in Fifth Third Bancorp were worth $4,896,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Sterling Investment Advisors Ltd. lifted its position in Fifth Third Bancorp by 20.8% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 5,800 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,000 shares during the last quarter. Ullmann Financial Group Inc. bought a new stake in Fifth Third Bancorp in the 1st quarter valued at about $167,000. Duncker Streett & Co. Inc. lifted its position in Fifth Third Bancorp by 0.3% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 17 shares during the last quarter. Cornerstone Advisors Inc. lifted its position in Fifth Third Bancorp by 14.2% in the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 847 shares during the last quarter. Finally, Robecosam AG lifted its position in Fifth Third Bancorp by 6.3% in the 1st quarter. Robecosam AG now owns 8,500 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 79.58% of the company’s stock.
In other Fifth Third Bancorp news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the sale, the executive vice president now 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 can be accessed through this hyperlink. 0.38% of the stock is owned by corporate insiders.
FITB has been the topic of several 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 research report on Friday, July 14th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fifth Third Bancorp in a research report on Saturday, July 22nd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $31.00 price objective (up from $29.00) on shares of Fifth Third Bancorp in a research report on Saturday, September 16th. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.38.
Shares of Fifth Third Bancorp (FITB) opened at 27.31 on Monday. 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 of $26.47 and a 200-day moving average of $25.59. Fifth Third Bancorp has a 12-month low of $19.57 and a 12-month high of $28.97.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that Fifth Third Bancorp will post $1.83 EPS for the current fiscal year.
Fifth Third Bancorp declared that its board has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $1.16 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 67% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.64 dividend on an annualized basis and a yield of 2.34%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. Fifth Third Bancorp’s dividend payout ratio is currently 28.43%.
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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