Manning & Napier Group LLC Acquires 2,949 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Manning & Napier Group LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 283,771 shares of the financial services provider’s stock after purchasing an additional 2,949 shares during the quarter. Manning & Napier Group LLC’s holdings in Fifth Third Bancorp were worth $7,768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Covington Capital Management bought a new position in Fifth Third Bancorp in the 2nd quarter valued at $25,000. NEXT Financial Group Inc grew its stake in Fifth Third Bancorp by 53.9% in the 2nd quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 443 shares during the period. CWM LLC grew its stake in Fifth Third Bancorp by 47.7% in the 2nd quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 495 shares during the period. CSat Investment Advisory L.P. grew its stake in Fifth Third Bancorp by 179.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,121 shares during the period. Finally, Clear Perspective Advisors LLC bought a new position in Fifth Third Bancorp in the 2nd quarter valued at $57,000. Hedge funds and other institutional investors own 78.04% of the company’s stock.

In related news, Director Evan Bayh bought 4,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $25.93 per share, for a total transaction of $103,720.00. Following the purchase, the director now directly owns 48,517 shares in the company, valued at $1,258,045.81. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the transaction, the executive vice president now owns 152,672 shares of the company’s stock, valued at approximately $4,201,533.44. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

A number of research analysts have issued reports on FITB shares. ValuEngine downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Raymond James increased their price target on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Citigroup cut their price target on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley cut their price target on Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, BidaskClub downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $31.23.

FITB stock opened at $26.85 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $19.61 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.27 and a beta of 1.38. Fifth Third Bancorp has a fifty-two week low of $22.12 and a fifty-two week high of $30.20. The stock has a fifty day moving average of $26.84 and a 200-day moving average of $27.27.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly 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. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fifth Third Bancorp had a return on equity of 11.51% and a net margin of 24.39%. During the same quarter in the prior year, the company earned $0.63 EPS. Equities analysts predict that Fifth Third Bancorp will post 2.82 EPS for the current year.

Fifth Third Bancorp announced that its board has authorized a stock repurchase plan on Tuesday, June 18th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.24 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.96 annualized dividend and a yield of 3.58%. Fifth Third Bancorp’s dividend payout ratio is currently 37.80%.

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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