Fifth Third Bancorp $FITB Stock: Prime Capital Investment Advisors LLC Cuts Holdings

Prime Capital Investment Advisors LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 83.4% during the third quarter, HoldingsChannel.com reports. The firm owned 12,642 shares of the financial services provider’s stock after selling 63,470 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $639,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $1,324,903,000. Bank of America Corp DE acquired a new position in Fifth Third Bancorp in the second quarter valued at approximately $995,717,000. Legal & General Group Plc acquired a new position in Fifth Third Bancorp in the second quarter valued at approximately $314,122,000. Wellington Management Group LLP boosted its stake in Fifth Third Bancorp by 20.2% in the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after acquiring an additional 3,972,795 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Fifth Third Bancorp in the second quarter valued at approximately $145,232,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Wednesday. Bank of America increased their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. DA Davidson raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, Morgan Stanley lifted their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.77.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $53.05 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $48.11 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The stock has a 50-day moving average of $52.96 and a 200-day moving average of $53.10. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same period last year, the company posted $0.91 EPS. Fifth Third Bancorp’s revenue for the quarter was up 42.4% on a year-over-year basis. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 57.53%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.