Securian Asset Management Inc. Sells 606 Shares of Fifth Third Bancorp $FITB

Securian Asset Management Inc. lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,813 shares of the financial services provider’s stock after selling 606 shares during the period. Securian Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $1,432,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Banque Transatlantique SA bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Activest Wealth Management increased its holdings in Fifth Third Bancorp by 1,043.3% during the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares during the period. Larson Financial Group LLC increased its holdings in Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 357 shares during the period. BankPlus Trust Department increased its holdings in Fifth Third Bancorp by 53.0% during the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 290 shares during the period. Finally, Citizens National Bank Trust Department bought a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $39,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FITB. Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a report on Monday. The Goldman Sachs Group upped their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Wolfe Research boosted their price target on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday. Stephens set a $52.00 price target on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Finally, Robert W. Baird boosted their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.45.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $41.69 on Thursday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock has a market capitalization of $27.59 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.14 and a beta of 0.95. The company has a fifty day moving average of $44.27 and a 200-day moving average of $40.92. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the company earned $0.78 EPS. The firm’s revenue was up 7.9% on a year-over-year basis. Equities research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.40 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

Insider Activity

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.