Amalgamated Bank Sells 24,106 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Amalgamated Bank decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 172,117 shares of the financial services provider’s stock after selling 24,106 shares during the period. Amalgamated Bank’s holdings in Fifth Third Bancorp were worth $6,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Financial Synergies Wealth Advisors Inc. purchased a new stake in Fifth Third Bancorp in the 1st quarter worth about $29,000. American Capital Advisory LLC bought a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $34,000. Centerpoint Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 125.0% in the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after buying an additional 750 shares during the period. Family Firm Inc. bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $52,000. Finally, Mather Group LLC. purchased a new position in Fifth Third Bancorp during the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Morgan Stanley lifted their target price on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Stephens reissued an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Jefferies Financial Group upped their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $41.16.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $43.64 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $29.85 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $43.85. The business’s 50-day moving average price is $41.08 and its 200 day moving average price is $38.09.

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

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given 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 dividend yield of 3.39%. The ex-dividend date is Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $863,802.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the sale, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now owns 20,961 shares in the company, valued at $863,802.81. The disclosure for this sale can be found here. In the last three months, insiders sold 54,500 shares of company stock valued at $2,269,920. Corporate 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.