Reinhart Partners Inc. Trims Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

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Reinhart Partners Inc. cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 556,826 shares of the financial services provider’s stock after selling 6,668 shares during the period. Reinhart Partners Inc.’s holdings in Fifth Third Bancorp were worth $15,246,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 8.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,908,663 shares of the financial services provider’s stock worth $164,852,000 after purchasing an additional 453,840 shares in the last quarter. Arizona State Retirement System raised its holdings in Fifth Third Bancorp by 1.5% during the second quarter. Arizona State Retirement System now owns 334,535 shares of the financial services provider’s stock worth $9,334,000 after purchasing an additional 4,900 shares in the last quarter. Strs Ohio raised its holdings in Fifth Third Bancorp by 9.1% during the second quarter. Strs Ohio now owns 73,906 shares of the financial services provider’s stock worth $2,061,000 after purchasing an additional 6,179 shares in the last quarter. Virginia Retirement Systems ET AL raised its holdings in Fifth Third Bancorp by 86.3% during the second quarter. Virginia Retirement Systems ET AL now owns 269,800 shares of the financial services provider’s stock worth $7,527,000 after purchasing an additional 125,000 shares in the last quarter. Finally, Cerebellum GP LLC raised its holdings in Fifth Third Bancorp by 331.2% during the second quarter. Cerebellum GP LLC now owns 12,777 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 9,814 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

In other news, EVP Timothy Spence sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $27.52, for a total value of $137,600.00. Following the transaction, the executive vice president now owns 152,672 shares of the company’s stock, valued at approximately $4,201,533.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Evan Bayh bought 4,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was acquired at an average cost of $25.93 per share, for a total transaction of $103,720.00. Following the purchase, the director now owns 48,517 shares in the company, valued at approximately $1,258,045.81. The disclosure for this purchase can be found here. Company insiders own 0.40% of the company’s stock.

Shares of FITB stock traded up $0.05 during trading hours on Friday, hitting $30.56. The company’s stock had a trading volume of 3,597,500 shares, compared to its average volume of 6,476,386. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74. The stock has a market cap of $22.17 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.50 and a beta of 1.40. Fifth Third Bancorp has a twelve month low of $22.12 and a twelve month high of $30.89. The business has a fifty day moving average of $27.89 and a 200-day moving average of $27.58.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.94 billion. Fifth Third Bancorp had a net margin of 24.36% and a return on equity of 11.40%. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 2.81 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio is currently 37.80%.

Several research analysts have weighed in on FITB shares. ValuEngine lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. UBS Group upgraded shares of Fifth Third Bancorp from a “neutral” rating to a “buy” rating and upped their target price for the stock from $32.00 to $33.00 in a research report on Friday, October 25th. Raymond James upped their target price on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, BidaskClub upgraded shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $31.43.

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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