Fifth Third Bancorp $FITB Stock: Sterling Capital Management LLC Reduces Stake

Sterling Capital Management LLC cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 35.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,361 shares of the financial services provider’s stock after selling 14,771 shares during the quarter. Sterling Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,333,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Center for Financial Planning Inc. purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $25,000. Security National Bank of SO Dak bought a new position in Fifth Third Bancorp during the 2nd quarter worth about $25,000. SouthState Bank Corp increased its position in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the period. Clearstead Trust LLC purchased a new position in Fifth Third Bancorp during the 2nd quarter valued at about $29,000. Finally, Sachetta LLC raised its holdings in shares of Fifth Third Bancorp by 85.6% in the 1st quarter. Sachetta LLC now owns 735 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 339 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.2%

NASDAQ FITB opened at $53.07 on Tuesday. Fifth Third Bancorp has a 52 week low of $40.68 and a 52 week high of $59.50. The company has a 50 day moving average price of $53.02 and a 200 day moving average price of $51.92. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $48.13 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. During the same period last year, the firm earned $0.91 earnings per share. Fifth Third Bancorp’s revenue was up 42.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Royal Bank Of Canada lowered their target price on Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday, October 20th. Citigroup increased their target price on Fifth Third Bancorp from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group cut their price target on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Finally, Bank of America lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. 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’s stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.77.

About Fifth Third Bancorp

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.