Hancock Whitney Corp lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,499 shares of the financial services provider’s stock after selling 35,738 shares during the quarter. Hancock Whitney Corp owned approximately 0.06% of Fifth Third Bancorp worth $10,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. SRS Capital Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 82.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,080 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 487 shares during the last quarter. Whitnell & Co. purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth $28,000. Guidant Wealth Advisors purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Fifth Third Bancorp in the first quarter worth $38,000. Finally, JOYN Advisors Inc. grew its stake in shares of Fifth Third Bancorp by 38.6% in the fourth quarter. JOYN Advisors Inc. now owns 1,722 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 480 shares during the last quarter. 81.82% of the stock is owned by institutional investors and hedge funds.
FITB has been the topic of several recent analyst reports. ValuEngine raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. BMO Capital Markets raised their target price on Fifth Third Bancorp from $30.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 25th. They noted that the move was a valuation call. BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, May 7th. Jefferies Financial Group raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Finally, UBS Group raised their price objective on Fifth Third Bancorp from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $31.29.
Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 2.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.39%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.22. Fifth Third Bancorp’s payout ratio is presently 37.80%.
Fifth Third Bancorp declared that its board has approved a stock buyback program on Tuesday, June 18th 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 often an indication 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 Fifth Third Bancorp 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 completion of the sale, the director now directly owns 50,397 shares of the company’s stock, valued at approximately $1,336,024.47. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Teresa J. Tanner sold 2,918 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $28.75, for a total value of $83,892.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,466 shares of company stock valued at $1,716,402. 0.40% of the stock is owned by company insiders.
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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