Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Stone Ridge Asset Management LLC

Stone Ridge Asset Management LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 95.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,651 shares of the financial services provider’s stock after acquiring an additional 70,949 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in Fifth Third Bancorp were worth $4,063,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. NEXT Financial Group Inc boosted 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 worth $35,000 after buying an additional 443 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Fifth Third Bancorp during the first quarter worth $38,000. CWM LLC boosted 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 worth $43,000 after buying an additional 495 shares during the period. Sandy Spring Bank boosted 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 worth $45,000 after buying an additional 1,500 shares during the period. Finally, Whitener Capital Management Inc. boosted its position in shares of Fifth Third Bancorp by 284.2% during the first quarter. Whitener Capital Management Inc. now owns 1,825 shares of the financial services provider’s stock worth $46,000 after buying an additional 1,350 shares during the period. 81.05% of the stock is owned by institutional investors.

FITB has been the subject of several research analyst reports. Citigroup lowered Fifth Third Bancorp from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $31.00 to $30.00 in a research report on Friday, July 12th. Wells Fargo & Co raised their price target 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. Wedbush raised their price target on Fifth Third Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. BidaskClub lowered Fifth Third Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, ValuEngine lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $31.27.

NASDAQ:FITB traded down $0.70 during midday trading on Friday, reaching $25.08. The company had a trading volume of 7,620,412 shares, compared to its average volume of 5,271,197. The firm has a market capitalization of $18.66 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 1.27 and a beta of 1.32. The stock’s fifty day simple moving average is $27.65 and its 200-day simple moving average is $27.34. Fifth Third Bancorp has a 12-month low of $22.12 and a 12-month high of $30.20. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.05. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates 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 period last year, the business posted $0.63 earnings per share. As a group, sell-side analysts expect that Fifth Third Bancorp will post 2.82 EPS for the current year.

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

In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,739 shares of Fifth Third Bancorp stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Lars C. Anderson sold 25,000 shares of Fifth Third Bancorp stock in a transaction dated 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 disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

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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