Fifth Third Bancorp (NASDAQ:FITB) Stock Position Lowered by Executive Wealth Management LLC

Executive Wealth Management LLC lessened its position in Fifth Third Bancorp (NASDAQ:FITB) by 12.9% in the 2nd quarter, Holdings Channel reports. The fund owned 2,953 shares of the financial services provider’s stock after selling 437 shares during the period. Executive Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $82,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of FITB. DekaBank Deutsche Girozentrale increased its stake in Fifth Third Bancorp by 12.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 195,423 shares of the financial services provider’s stock valued at $5,448,000 after buying an additional 21,453 shares during the period. Advisory Services Network LLC increased its stake in Fifth Third Bancorp by 17.4% in the 2nd quarter. Advisory Services Network LLC now owns 6,480 shares of the financial services provider’s stock valued at $181,000 after buying an additional 960 shares during the period. Coastal Investment Advisors Inc. increased its stake in Fifth Third Bancorp by 45.2% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,296 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,026 shares during the period. TD Asset Management Inc. increased its stake in Fifth Third Bancorp by 1.7% in the 2nd quarter. TD Asset Management Inc. now owns 468,343 shares of the financial services provider’s stock valued at $13,067,000 after buying an additional 7,620 shares during the period. Finally, Westpac Banking Corp increased its stake in Fifth Third Bancorp by 22.4% in the 2nd quarter. Westpac Banking Corp now owns 109,510 shares of the financial services provider’s stock valued at $3,055,000 after buying an additional 20,026 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

In other news, COO Lars C. Anderson sold 25,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jewell D. Hoover sold 3,739 shares of the 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 approximately $1,336,024.47. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Shares of FITB traded down $0.14 during mid-day trading on Thursday, hitting $25.37. 150,725 shares of the company’s stock were exchanged, compared to its average volume of 5,432,981. The firm’s fifty day simple moving average is $28.04. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $30.31. The firm has a market capitalization of $19.05 billion, a PE ratio of 10.00, a price-to-earnings-growth ratio of 1.29 and a beta of 1.32. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.05. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the prior year, the business posted $0.63 EPS. As a group, equities research analysts forecast that Fifth Third Bancorp will post 2.81 EPS for the current year.

Fifth Third Bancorp declared that its board has initiated a share repurchase plan on Tuesday, June 18th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

FITB has been the topic of several research reports. Raymond James upped their price objective on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. ValuEngine lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. dropped their price objective on shares of Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Finally, Nomura set a $29.00 price objective on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $31.27.

Fifth Third Bancorp Company 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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