Bessemer Group Inc. Trims Stake in Fifth Third Bancorp (FITB)
Bessemer Group Inc. cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 46.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,856 shares of the financial services provider’s stock after selling 5,992 shares during the quarter. Bessemer Group Inc.’s holdings in Fifth Third Bancorp were worth $208,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sanders Capital LLC boosted its position in shares of Fifth Third Bancorp by 1.7% in the third quarter. Sanders Capital LLC now owns 13,152,538 shares of the financial services provider’s stock worth $390,680,000 after buying an additional 224,800 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Fifth Third Bancorp by 0.9% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,370,533 shares of the financial services provider’s stock worth $206,228,000 after buying an additional 68,086 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Fifth Third Bancorp by 3.0% in the third quarter. Russell Investments Group Ltd. now owns 4,083,708 shares of the financial services provider’s stock worth $114,232,000 after buying an additional 118,177 shares during the period. Legal & General Group Plc boosted its position in shares of Fifth Third Bancorp by 1.8% in the third quarter. Legal & General Group Plc now owns 3,942,017 shares of the financial services provider’s stock worth $110,295,000 after buying an additional 71,404 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Fifth Third Bancorp by 83.1% in the fourth quarter. Bank of Montreal Can now owns 3,058,088 shares of the financial services provider’s stock worth $92,783,000 after buying an additional 1,388,121 shares during the period. 84.41% of the stock is owned by institutional investors and hedge funds.
In other Fifth Third Bancorp news, Director Jewell D. Hoover sold 3,700 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $32.40, for a total transaction of $119,880.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Mark D. Hazel sold 7,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $32.81, for a total value of $246,075.00. Following the transaction, the senior vice president now owns 62,254 shares in the company, valued at $2,042,553.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,036 shares of company stock worth $520,223. Corporate insiders own 0.38% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Fifth Third Bancorp had a return on equity of 9.65% and a net margin of 27.08%. During the same quarter last year, the firm earned $0.49 earnings per share. equities analysts forecast that Fifth Third Bancorp will post 2.28 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.64 annualized dividend and a yield of 1.92%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 22.46%.
FITB has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research report on Sunday, December 10th. Zacks Investment Research raised Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research report on Monday, January 8th. Macquarie cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $28.47 to $26.00 in a research report on Friday, November 17th. BMO Capital Markets reaffirmed a “hold” rating and issued a $32.00 target price on shares of Fifth Third Bancorp in a research report on Friday, December 8th. Finally, BidaskClub raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Four equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $30.70.
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About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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