State Board of Administration of Florida Retirement System lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.8% in the 2nd quarter, Holdings Channel reports. The firm owned 1,152,801 shares of the financial services provider’s stock after selling 9,070 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Fifth Third Bancorp were worth $32,163,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. boosted its position in shares of Fifth Third Bancorp by 16.9% during the 1st quarter. BlackRock Inc. now owns 50,942,882 shares of the financial services provider’s stock valued at $1,284,778,000 after acquiring an additional 7,355,944 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Fifth Third Bancorp by 99.8% in the first quarter. The Manufacturers Life Insurance Company now owns 4,248,170 shares of the financial services provider’s stock worth $107,138,000 after acquiring an additional 2,121,611 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Fifth Third Bancorp by 2,279.4% in the first quarter. Acadian Asset Management LLC now owns 1,843,474 shares of the financial services provider’s stock worth $46,495,000 after acquiring an additional 1,765,998 shares in the last quarter. Northern Trust Corp boosted its holdings in Fifth Third Bancorp by 15.4% in the first quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock worth $268,268,000 after acquiring an additional 1,416,806 shares in the last quarter. Finally, Hexavest Inc. bought a new stake in Fifth Third Bancorp in the second quarter worth $38,972,000. Institutional investors and hedge funds own 81.05% of the company’s stock.
FITB traded up $0.15 during midday trading on Thursday, reaching $25.70. The company had a trading volume of 385,451 shares, compared to its average volume of 5,645,559. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The business has a 50-day moving average of $27.74 and a two-hundred day moving average of $27.35. The company has a market cap of $18.93 billion, a P/E ratio of 10.12, a P/E/G ratio of 1.29 and a beta of 1.32. Fifth Third Bancorp has a 1 year low of $22.12 and a 1 year high of $30.20.
Fifth Third Bancorp announced that its board has initiated a stock repurchase program on Tuesday, June 18th that allows the company to buyback 100,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $26.51, for a total value of $99,120.89. Following the completion of the sale, the director now owns 50,397 shares in the company, valued at $1,336,024.47. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Lars C. Anderson sold 25,000 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $29.75, for a total value of $743,750.00. Following the sale, the chief operating officer now owns 241,579 shares of the company’s stock, valued at approximately $7,186,975.25. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Several equities research analysts have commented on FITB shares. UBS Group boosted their target price on Fifth Third Bancorp from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Wedbush boosted their target price on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their price target on Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. BMO Capital Markets upped their price objective on Fifth Third Bancorp from $30.00 to $33.00 and gave the company a “market perform” rating in a research report on Thursday, April 25th. They noted that the move was a valuation call. Finally, Wells Fargo & Co upped their price objective on Fifth Third Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus 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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