Pitcairn Co. Sells 1,005 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Pitcairn Co. decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,761 shares of the financial services provider’s stock after selling 1,005 shares during the period. Pitcairn Co.’s holdings in Fifth Third Bancorp were worth $461,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Venturi Wealth Management LLC increased its stake in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares in the last quarter. American Capital Advisory LLC purchased a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $34,000. Hexagon Capital Partners LLC increased its position in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Fifth Third Bancorp in the 3rd quarter worth approximately $39,000. Finally, Family Firm Inc. bought a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $52,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $48.25 on Wednesday. Fifth Third Bancorp has a 52 week low of $26.89 and a 52 week high of $49.07. 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 stock has a market cap of $32.35 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.29 and a beta of 1.21. The business has a 50-day simple moving average of $44.41 and a two-hundred day simple moving average of $40.86.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for 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%. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. On average, analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.07%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Morgan Stanley boosted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Citigroup lifted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Evercore ISI increased their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $43.62.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction 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 approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

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.