Fifth Third Bancorp (FITB) Holdings Cut by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 42,700 shares of the financial services provider’s stock after selling 3,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Fifth Third Bancorp were worth $1,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Horan Capital Advisors LLC. bought a new stake in Fifth Third Bancorp during the third quarter valued at about $102,000. Valeo Financial Advisors LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $119,000. Sun Life Financial INC boosted its holdings in Fifth Third Bancorp by 55,050.0% during the second quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 5,505 shares during the period. HighPoint Advisor Group LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $202,000. Finally, Regentatlantic Capital LLC bought a new stake in Fifth Third Bancorp during the third quarter valued at about $205,000. Institutional investors own 84.04% of the company’s stock.
A number of research firms have issued reports on FITB. Nomura upped their price target on shares of Fifth Third Bancorp from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, September 28th. Robert W. Baird cut shares of Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price target for the company. in a report on Monday, October 2nd. BidaskClub cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Instinet restated a “neutral” rating and set a $29.00 price target (up from $28.00) on shares of Fifth Third Bancorp in a report on Saturday, September 30th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $29.33.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.48. Fifth Third Bancorp had a net margin of 25.81% and a return on equity of 9.58%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the company earned $0.65 earnings per share. research analysts forecast that Fifth Third Bancorp will post 1.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend was Thursday, December 28th. Fifth Third Bancorp’s dividend payout ratio is 23.97%.
In other Fifth Third Bancorp news, EVP Timothy Spence sold 15,000 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $28.86, for a total transaction of $432,900.00. Following the completion of the transaction, the executive vice president now owns 154,577 shares in the company, valued at $4,461,092.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.
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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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