Capital Research & Management Co recently announced the acquisition of new stake in Fifth Third Bancorp (NASDAQ:FITB). The institutional investor has increased its shareholding in the Financial company by 204.71% to 30.61 million shares with purchase of 20.57 million shares. This fresh investment now brings its stake to 4.50% valued currently at $1.06 billion. In addition, JPMorgan Investment Management, I raised its holdings by 63135.0 to 15.89 million shares. And Geode Capital Management LLC has lifted its position by 2.18% or 0.33 million shares – to 15.52 million shares.
Currently, there are 681.12M common shares owned by the public and among those 677.18M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Insiders at the company have transacted a total of 112 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 44 of these insider trades were purchases, accounting for 777,715 shares. Insider sales of the common stock occurred on 68 occasions, with total insider shares sold totaling 198,365 shares.
The top 3 mutual fund holders in Fifth Third Bancorp are American Funds Income Fund of Ame, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund. American Funds Income Fund of Ame owns 22.13 million shares of the company’s stock, all valued at over $763.23 million. The company bought an additional 10.47 million shares recently to bring their total holdings to about 3.25% of the shares outstanding. Vanguard Total Stock Market ETF bought 18040.0 shares to see its total holdings expand to 21.39 million shares valued at over $737.58 million and representing 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 37725.0 shares to bring its total holdings to over 16.62 million shares at a value of $573.39 million. Vanguard 500 Index Fund now owns shares totaling to 2.44% of the shares outstanding.
However, the script later moved the day high at 34.82, up 1.02%. The company’s stock has a 5-day price change of 0.58% and 38.68% over the past three months. FITB shares are trading 0.20% year to date (YTD), with the 12-month market performance up to 2.73% higher. It has a 12-month low price of $22.11 and touched a high of $38.06 over the same period. FITB has an average intraday trading volume of 5.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.01%, 10.37%, and 26.42% respectively.
Institutional ownership of Fifth Third Bancorp (NASDAQ: FITB) shares accounts for 81.29% of the company’s 681.12M shares outstanding. Mutual fund holders own 26.97%, while other institutional holders and individual stakeholders account for 54.53% and 2.01% respectively.
It has a market capitalization of $23.54B and a beta (3y monthly) value of 1.29. The stock’s trailing 12-month PE ratio is 10.74, while the earnings-per-share (ttm) stands at $3.22. The company has a PEG of 2.22 and the debt-to-equity ratio at 1.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.62% over the week and 2.37% over the month.
Analysts forecast that Fifth Third Bancorp (FITB) will achieve an EPS of $0.7 for the current quarter, $0.8 for the next quarter and $3.43 for 2025. The lowest estimate earnings-per-share for the quarter is $0.61 while analysts give the company a high EPS estimate of $0.88. Comparatively, EPS for the current quarter was $0.78 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.83%, and 9.89% over the next financial year. EPS should grow at an annualized rate of 4.84% over the next five years, compared to 1.03% over the past 5-year period.
Looking at the support for the FITB, a number of firms have released research notes about the stock. Keefe Bruyette stated their Mkt Perform rating for the stock in a research note on January 09, 2024, with the firm’s price target at $33-$37.
