Fifth Third Bancorp (FITB) Stake Lowered by American International Group Inc.

American International Group Inc. reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 365,754 shares of the financial services provider’s stock after selling 3,510 shares during the quarter. American International Group Inc. owned about 0.05% of Fifth Third Bancorp worth $11,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FITB. Bank of Montreal Can lifted its holdings in shares of Fifth Third Bancorp by 83.1% in the 4th quarter. Bank of Montreal Can now owns 3,058,088 shares of the financial services provider’s stock valued at $92,783,000 after buying an additional 1,388,121 shares during the period. National Pension Service lifted its holdings in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. National Pension Service now owns 794,516 shares of the financial services provider’s stock valued at $24,106,000 after buying an additional 6,079 shares during the period. Creative Planning lifted its holdings in shares of Fifth Third Bancorp by 2.1% in the 4th quarter. Creative Planning now owns 88,715 shares of the financial services provider’s stock valued at $2,692,000 after buying an additional 1,793 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Fifth Third Bancorp by 268.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,456 shares of the financial services provider’s stock valued at $196,000 after buying an additional 4,706 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 1.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 2,548,718 shares of the financial services provider’s stock valued at $77,329,000 after buying an additional 39,733 shares during the period. 85.02% of the stock is owned by institutional investors and hedge funds.

In other news, EVP James C. Leonard sold 35,000 shares of the business’s stock in a transaction on 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 directly owns 101,091 shares of the company’s stock, valued at $3,416,875.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Aravind Immaneni sold 4,000 shares of the business’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $33.60, for a total value of $134,400.00. Following the completion of the transaction, the executive vice president now directly owns 23,071 shares of the company’s stock, valued at $775,185.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,892 shares of company stock valued at $2,081,783. Insiders own 0.40% of the company’s stock.

FITB has been the subject of several recent analyst reports. BMO Capital Markets reissued a “hold” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, January 24th. Bank of America raised their price target on Fifth Third Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $35.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, January 24th. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, January 26th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $35.00 price objective on shares of Fifth Third Bancorp in a report on Sunday, January 28th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $31.63.

NASDAQ FITB opened at $34.31 on Friday. Fifth Third Bancorp has a fifty-two week low of $34.12 and a fifty-two week high of $34.39. The firm has a market capitalization of $23.52 billion, a PE ratio of 12.80, a P/E/G ratio of 1.78 and a beta of 1.31. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.00.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.49. Fifth Third Bancorp had a return on equity of 10.45% and a net margin of 30.14%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. research analysts predict that Fifth Third Bancorp will post 2.45 earnings per share for the current fiscal year.

Fifth Third Bancorp declared that its board has authorized a share buyback program on Tuesday, February 27th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Fifth Third Bancorp Profile

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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