Nomura Asset Management Co. Ltd. Cuts Stake in Fifth Third Bancorp (FITB)
Nomura Asset Management Co. Ltd. lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 17.7% in the third quarter, HoldingsChannel reports. The firm owned 171,617 shares of the financial services provider’s stock after selling 36,802 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Fifth Third Bancorp were worth $4,791,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. MUFG Americas Holdings Corp purchased a new stake in Fifth Third Bancorp during the 2nd quarter worth about $103,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Fifth Third Bancorp by 8,368.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,980 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 3,933 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in Fifth Third Bancorp during the 2nd quarter worth about $131,000. First Mercantile Trust Co. purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $149,000. Finally, Regentatlantic Capital LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $207,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Several analysts have commented on the company. BMO Capital Markets lowered their price target on Fifth Third Bancorp from $32.00 to $30.00 and set a “market perform” rating for the company in a report on Wednesday, October 24th. Morgan Stanley lowered their price target on Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. Wedbush set a $34.00 price target on Fifth Third Bancorp and gave the company a “buy” rating in a report on Thursday, September 20th. ValuEngine cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, Piper Jaffray Companies set a $31.00 price target on Fifth Third Bancorp and gave the company a “hold” rating in a report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $32.73.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fifth Third Bancorp had a return on equity of 11.74% and a net margin of 28.89%. During the same period in the prior year, the business earned $1.35 EPS. On average, research analysts forecast that Fifth Third Bancorp will post 2.49 earnings per share for the current year.
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About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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