Fifth Third Bancorp $FITB Stock Sold by Atwood & Palmer Inc.

Atwood & Palmer Inc. cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 826,018 shares of the financial services provider’s stock after selling 12,788 shares during the period. Fifth Third Bancorp makes up 2.2% of Atwood & Palmer Inc.’s portfolio, making the stock its 13th biggest position. Atwood & Palmer Inc. owned about 0.09% of Fifth Third Bancorp worth $41,780,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of FITB. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp during the 1st quarter valued at about $25,000. Security National Bank of SO Dak purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $25,000. SouthState Bank Corp grew its stake in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Finally, Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $29,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock traded up $0.59 during trading hours on Thursday, reaching $50.71. 10,522,415 shares of the company traded hands, compared to its average volume of 8,354,033. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. 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 company has a market cap of $45.99 billion, a P/E ratio of 17.02, a P/E/G ratio of 1.09 and a beta of 0.97. The firm has a 50-day moving average price of $54.42 and a 200 day moving average price of $52.69.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The company’s revenue was up 45.8% compared to the same quarter last year. As a group, sell-side analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 57.34%.

Analyst Ratings Changes

FITB has been the topic of several research reports. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a report on Thursday. They issued a “buy” rating and a $60.00 target price on the stock. Stephens lowered their price target on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 22nd. Jefferies Financial Group dropped their price target 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. Bank of America lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Citigroup upgraded Fifth Third Bancorp from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $62.00 in a research report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $60.92.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.