State of Alaska Department of Revenue Grows Holdings in Fifth Third Bancorp (NASDAQ:FITB)

State of Alaska Department of Revenue increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 9.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,777 shares of the financial services provider’s stock after acquiring an additional 24,111 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fifth Third Bancorp were worth $8,111,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. AE Wealth Management LLC lifted its position in Fifth Third Bancorp by 26.6% in the second quarter. AE Wealth Management LLC now owns 31,541 shares of the financial services provider’s stock worth $880,000 after buying an additional 6,629 shares during the last quarter. Private Vista LLC bought a new stake in Fifth Third Bancorp in the second quarter worth $288,000. Cerebellum GP LLC lifted its position in Fifth Third Bancorp by 331.2% in the second quarter. Cerebellum GP LLC now owns 12,777 shares of the financial services provider’s stock worth $356,000 after buying an additional 9,814 shares during the last quarter. Bessemer Group Inc. lifted its position in Fifth Third Bancorp by 3,548.5% in the second quarter. Bessemer Group Inc. now owns 226,825 shares of the financial services provider’s stock worth $6,328,000 after buying an additional 220,608 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in Fifth Third Bancorp by 3.7% in the second quarter. Commonwealth Equity Services LLC now owns 220,097 shares of the financial services provider’s stock worth $6,140,000 after buying an additional 7,891 shares during the last quarter. 82.10% of the stock is owned by institutional investors.

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price target for the company in a research report on Thursday, April 4th. ValuEngine upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Nomura set a $29.00 price target on Fifth Third Bancorp and gave the stock a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research downgraded Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Wedbush lifted their target price on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $31.27.

Shares of NASDAQ:FITB traded down $0.12 on Wednesday, hitting $29.76. 3,498,907 shares of the company’s stock were exchanged, compared to its average volume of 5,000,858. Fifth Third Bancorp has a 12 month low of $22.12 and a 12 month high of $30.31. The company has a market capitalization of $21.83 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.49 and a beta of 1.33. The stock’s 50 day simple moving average is $28.06. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same period last year, the company earned $0.63 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 2.81 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, June 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.23%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 37.80%.

Fifth Third Bancorp declared that its Board of Directors has approved a stock repurchase plan on Tuesday, June 18th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

In other news, Director Jewell D. Hoover sold 3,739 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $26.51, for a total transaction of $99,120.89. Following the transaction, the director now owns 50,397 shares in the company, valued at $1,336,024.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Lars C. Anderson sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total value of $743,750.00. Following the transaction, the chief operating officer now owns 241,579 shares in the company, valued at approximately $7,186,975.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,948 shares of company stock worth $848,928. Insiders own 0.40% of the company’s stock.

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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