Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Macquarie Group Ltd.

Macquarie Group Ltd. decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 55.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,000 shares of the financial services provider’s stock after selling 21,400 shares during the quarter. Macquarie Group Ltd.’s holdings in Fifth Third Bancorp were worth $474,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen Asset Management LLC grew its position in Fifth Third Bancorp by 21,301.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock worth $176,274,000 after purchasing an additional 6,288,518 shares during the last quarter. Wells Fargo & Company MN grew its position in Fifth Third Bancorp by 36.8% in the 2nd quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock worth $209,013,000 after purchasing an additional 2,014,379 shares during the last quarter. Hexavest Inc. bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $38,972,000. Unigestion Holding SA grew its position in Fifth Third Bancorp by 250.4% in the 2nd quarter. Unigestion Holding SA now owns 1,422,984 shares of the financial services provider’s stock worth $39,701,000 after purchasing an additional 1,016,830 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Fifth Third Bancorp by 5.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,423,254 shares of the financial services provider’s stock worth $475,481,000 after purchasing an additional 832,897 shares during the last quarter. Hedge funds and other institutional investors own 78.14% of the company’s stock.

Fifth Third Bancorp stock opened at $27.38 on Wednesday. The firm has a 50 day simple moving average of $26.97 and a 200-day simple moving average of $27.32. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $19.61 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 1.33 and a beta of 1.38. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.20.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 11.51%. During the same period last year, the firm posted $0.63 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 2.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.80%.

Fifth Third Bancorp announced that its Board of Directors has approved a stock buyback plan on Tuesday, June 18th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

FITB has been the subject of several recent analyst reports. BidaskClub cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 11th. Bank of America upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Friday, October 11th. They noted that the move was a valuation call. Raymond James upped their target price on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Wedbush upped their target price on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Citigroup decreased their target price on shares of Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $31.23.

In other news, Director Evan Bayh purchased 4,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 transaction, the director now owns 48,517 shares in the company, valued at $1,258,045.81. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy Spence sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total transaction of $137,600.00. Following the completion of the sale, 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. Company insiders own 0.40% of the company’s stock.

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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