West Branch Capital LLC Makes New $485,000 Investment in Fifth Third Bancorp (NASDAQ:FITB)

West Branch Capital LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 17,373 shares of the financial services provider’s stock, valued at approximately $485,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Whitnell & Co. bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $28,000. NEXT Financial Group Inc increased its position in shares of Fifth Third Bancorp by 53.9% during the second quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 443 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $38,000. CWM LLC increased its position in shares of Fifth Third Bancorp by 47.7% during the second quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 495 shares in the last quarter. Finally, Sandy Spring Bank increased its position in shares of Fifth Third Bancorp by 530.0% during the first quarter. Sandy Spring Bank now owns 1,783 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 1,500 shares in the last quarter. 81.05% of the stock is owned by institutional investors and hedge funds.

FITB stock traded up $0.16 on Wednesday, hitting $25.58. The company had a trading volume of 2,593,814 shares, compared to its average volume of 5,787,309. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.31. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The stock’s 50-day simple moving average is $27.79 and its 200 day simple moving average is $27.36. The stock has a market cap of $18.72 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 1.27 and a beta of 1.32.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.05. The company had revenue of $1.91 billion for 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 quarter last year, the company posted $0.63 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 2.81 earnings per share for the current year.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 18th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, COO Lars C. Anderson sold 25,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $29.75, for a total transaction of $743,750.00. Following the transaction, the chief operating officer now owns 241,579 shares in the company, valued at approximately $7,186,975.25. The sale 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 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 transaction, the director now owns 50,397 shares in the company, valued at approximately $1,336,024.47. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Raymond James raised their price target on shares of Fifth Third Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. BMO Capital Markets raised their price target on shares of 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. Wells Fargo & Co raised their price target on shares of 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. UBS Group raised their price target on shares of Fifth Third Bancorp from $28.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Finally, Nomura set a $29.00 price target on shares of Fifth Third Bancorp and gave the company a “hold” rating in a research report on Friday, July 26th. One equities 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 currently has an average rating of “Hold” and a consensus target price of $31.27.

Fifth Third Bancorp 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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