Toronto Dominion Bank Decreases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Toronto Dominion Bank lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,967 shares of the financial services provider’s stock after selling 3,801 shares during the period. Toronto Dominion Bank’s holdings in Fifth Third Bancorp were worth $7,260,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Morningstar Investment Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter worth about $2,257,000. Bank of Nova Scotia boosted its holdings in Fifth Third Bancorp by 31.6% in the 4th quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after buying an additional 21,251 shares during the period. Park National Corp OH grew its stake in Fifth Third Bancorp by 15.0% in the 2nd quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 5,411 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Fifth Third Bancorp by 8.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock valued at $10,043,000 after acquiring an additional 21,612 shares during the period. Finally, Waterloo Capital L.P. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth $2,080,000. Institutional investors own 83.79% of the company’s stock.

Insider Activity

In other news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the sale, the executive vice president now owns 134,422 shares in the company, valued at $5,376,880. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock valued at $2,269,920 in the last 90 days. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Up 0.1 %

Shares of Fifth Third Bancorp stock opened at $42.94 on Friday. The company has a 50-day simple moving average of $41.41 and a two-hundred day simple moving average of $38.36. The stock has a market capitalization of $29.06 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 2.03 and a beta of 1.22. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $43.85. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the previous year, the business posted $0.87 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FITB. Morgan Stanley boosted their price objective on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Stephens restated an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Jefferies Financial Group boosted their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Bank of America raised their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $41.16.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.