Laurel Wealth Advisors LLC Has $1.02 Million Stock Position in Fifth Third Bancorp $FITB

Laurel Wealth Advisors LLC lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 97.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,884 shares of the financial services provider’s stock after selling 959,465 shares during the period. Laurel Wealth Advisors LLC’s holdings in Fifth Third Bancorp were worth $1,019,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Fifth Third Bancorp by 1.6% during the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock worth $3,448,743,000 after acquiring an additional 1,301,624 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 1.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock valued at $958,614,000 after acquiring an additional 398,517 shares during the period. Invesco Ltd. increased its stake in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after purchasing an additional 619,956 shares during the period. Finally, Norges Bank acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $357,440,000. 83.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FITB shares. Wolfe Research upped their price objective on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Barclays increased their price target on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Argus lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. DA Davidson increased their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $56.56.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Trading Down 4.8%

Shares of Fifth Third Bancorp stock opened at $49.47 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a 50-day moving average of $50.59 and a 200-day moving average of $46.36. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The stock has a market cap of $32.70 billion, a PE ratio of 13.97, a PEG ratio of 1.00 and a beta of 0.96.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.