Private Advisor Group LLC Trims Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Private Advisor Group LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 10.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,045 shares of the financial services provider’s stock after selling 2,898 shares during the quarter. Private Advisor Group LLC’s holdings in Fifth Third Bancorp were worth $1,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Park National Corp OH increased its stake in Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after acquiring an additional 5,411 shares during the last quarter. M&G Plc acquired a new stake in Fifth Third Bancorp during the second quarter worth about $1,254,000. Plato Investment Management Ltd acquired a new stake in Fifth Third Bancorp during the first quarter worth about $639,000. Russell Investments Group Ltd. increased its stake in Fifth Third Bancorp by 9.1% during the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after acquiring an additional 26,194 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in Fifth Third Bancorp by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock worth $30,796,000 after acquiring an additional 18,208 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on FITB. Evercore ISI upped their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Barclays increased their target price on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Argus increased their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Bank of America increased their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $42.28.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 1.2 %

NASDAQ:FITB opened at $43.14 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The business’s 50 day moving average is $42.81 and its two-hundred day moving average is $39.66. Fifth Third Bancorp has a 52 week low of $24.02 and a 52 week high of $45.71. The company has a market cap of $29.20 billion, a PE ratio of 14.33, a P/E/G ratio of 2.11 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the business posted $0.92 EPS. On average, analysts predict that Fifth Third Bancorp will post 3.33 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Fifth Third Bancorp Company 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.