TD Asset Management Inc. Has $13.07 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

TD Asset Management Inc. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 468,343 shares of the financial services provider’s stock after purchasing an additional 7,620 shares during the quarter. TD Asset Management Inc. owned approximately 0.06% of Fifth Third Bancorp worth $13,067,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Fifth Third Bancorp by 16.9% in 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 purchasing an additional 7,355,944 shares during the last quarter. Sanders Capital LLC grew its position in shares of Fifth Third Bancorp by 3.6% in the 2nd quarter. Sanders Capital LLC now owns 19,052,485 shares of the financial services provider’s stock worth $592,818,000 after buying an additional 654,400 shares during the last quarter. Northern Trust Corp grew its position in shares of Fifth Third Bancorp by 15.4% in the 1st quarter. Northern Trust Corp now owns 10,637,146 shares of the financial services provider’s stock worth $268,268,000 after buying an additional 1,416,806 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Fifth Third Bancorp by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,601,640 shares of the financial services provider’s stock worth $225,927,000 after buying an additional 988,392 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Fifth Third Bancorp by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 9,475,947 shares of the financial services provider’s stock worth $222,615,000 after buying an additional 574,887 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Shares of NASDAQ FITB traded up $0.45 during mid-day trading on Friday, hitting $25.67. 5,220,500 shares of the stock traded hands, compared to its average volume of 5,736,023. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.90. Fifth Third Bancorp has a 52 week low of $22.12 and a 52 week high of $30.31. The company has a market cap of $18.42 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 1.25 and a beta of 1.32. The stock has a fifty day moving average price of $27.96 and a 200-day moving average price of $27.39.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same period in the previous year, the company posted $0.63 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 2.81 EPS for the current fiscal year.

Fifth Third Bancorp announced that its board has approved a stock buyback program on Tuesday, June 18th that authorizes the company to repurchase 100,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

In other Fifth Third Bancorp news, COO Lars C. Anderson sold 25,000 shares of the business’s stock in a transaction on 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 directly owns 241,579 shares of the company’s stock, valued at $7,186,975.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jewell D. Hoover sold 3,739 shares of the business’s stock in a transaction on 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 directly owns 50,397 shares in the company, valued at $1,336,024.47. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

A number of equities research analysts have recently weighed in on FITB shares. Citigroup lowered Fifth Third Bancorp from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $31.00 to $30.00 in a research report on Friday, July 12th. Wells Fargo & Co lifted their price objective on Fifth Third Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Tuesday, June 4th. Barclays lifted their price objective on Fifth Third Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. cut their price objective on Fifth Third Bancorp from $30.50 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Finally, Wedbush lifted their price target on Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently 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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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