Janney Montgomery Scott LLC Raises Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Janney Montgomery Scott LLC lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 0.2% in the third quarter, Holdings Channel reports. The firm owned 205,066 shares of the financial services provider’s stock after buying an additional 391 shares during the period. Janney Montgomery Scott LLC’s holdings in Fifth Third Bancorp were worth $8,785,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 13.4% during the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after buying an additional 5,512,333 shares during the period. Dimensional Fund Advisors LP raised its stake in Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after buying an additional 281,494 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Fifth Third Bancorp by 4.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after buying an additional 399,827 shares during the period. Envestnet Asset Management Inc. boosted its position in Fifth Third Bancorp by 3.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock valued at $62,096,000 after acquiring an additional 56,298 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Fifth Third Bancorp by 37.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,629,456 shares of the financial services provider’s stock valued at $60,632,000 after acquiring an additional 442,121 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 2.0 %

Shares of NASDAQ:FITB opened at $45.93 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. Fifth Third Bancorp has a 52-week low of $24.64 and a 52-week high of $46.90. The stock has a market cap of $31.09 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 2.05 and a beta of 1.21. The business has a 50-day moving average price of $42.95 and a 200-day moving average price of $39.89.

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

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.22%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Barclays boosted their price objective on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Royal Bank of Canada raised their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $42.28.

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.