Amalgamated Bank Raises Holdings in Fifth Third Bancorp (FITB)
Amalgamated Bank raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 88,936 shares of the financial services provider’s stock after acquiring an additional 2,958 shares during the period. Amalgamated Bank’s holdings in Fifth Third Bancorp were worth $2,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently modified their holdings of FITB. Crossmark Global Holdings Inc. bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at $2,236,000. Victory Capital Management Inc. raised its stake in shares of Fifth Third Bancorp by 4.0% in the third quarter. Victory Capital Management Inc. now owns 216,288 shares of the financial services provider’s stock valued at $6,052,000 after buying an additional 8,282 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Fifth Third Bancorp by 3.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 130,056 shares of the financial services provider’s stock valued at $3,639,000 after buying an additional 4,683 shares during the period. Chicago Equity Partners LLC bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at $231,000. Finally, Stevens Capital Management LP bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at $1,589,000. Hedge funds and other institutional investors own 84.01% of the company’s stock.
In related news, EVP Frank R. Forrest sold 4,836 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $31.90, for a total transaction of $154,268.40. Following the completion of the transaction, the executive vice president now directly owns 112,474 shares in the company, valued at $3,587,920.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP James C. Leonard sold 35,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $33.80, for a total value of $1,183,000.00. Following the completion of the transaction, the executive vice president now owns 101,091 shares of the company’s stock, valued at $3,416,875.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,410 shares of company stock valued at $5,779,186. 0.38% of the stock is owned by company insiders.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.05. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the business earned $0.49 earnings per share. equities research analysts predict that Fifth Third Bancorp will post 2.3 EPS for the current year.
Fifth Third Bancorp declared that its board has initiated a share repurchase program on Tuesday, February 27th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often 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, April 16th. Investors of record on Friday, March 30th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Wednesday, March 28th. Fifth Third Bancorp’s payout ratio is 25.20%.
Several equities analysts have recently weighed in on the company. Morgan Stanley lifted their price target on Fifth Third Bancorp from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, January 26th. BidaskClub upgraded Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 2nd. BMO Capital Markets reiterated a “hold” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, January 24th. Zacks Investment Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 12th. Finally, Vining Sparks reiterated a “buy” rating and issued a $35.00 price target on shares of Fifth Third Bancorp in a research report on Sunday, January 28th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Fifth Third Bancorp presently has an average rating of “Hold” and an average price target of $30.70.
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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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