28,992 Fifth Third Bancorp $FITB Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 834,183 shares of the financial services provider’s stock after selling 28,992 shares during the quarter. Fifth Third Bancorp’s holdings in Fifth Third Bancorp were worth $42,193,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Security National Bank of SO Dak purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at $25,000. Essential Investment Partners LLC purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter worth about $25,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $29,000. SouthState Bank Corp boosted its stake in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares during the period. Finally, Avalon Trust Co bought a new position in Fifth Third Bancorp during the 2nd quarter valued at about $40,000. Institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FITB. Jefferies Financial Group cut their target price on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Stephens dropped their price objective on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Wednesday, October 21st. JPMorgan Chase & Co. upped their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Citigroup increased their target price on Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Finally, Wolfe Research started coverage on Fifth Third Bancorp in a research report on Tuesday, October 27th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average price target of $60.87.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $53.99 on Friday. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $52.68 and a two-hundred day simple moving average of $52.21. The stock has a market capitalization of $48.79 billion, a price-to-earnings ratio of 18.12, a P/E/G ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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 return on equity of 12.39% and a net margin of 15.89%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The firm’s quarterly revenue was up 42.4% on a year-over-year basis. On average, analysts predict that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.53%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.