abrdn plc Decreases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

abrdn plc trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,535 shares of the financial services provider’s stock after selling 5,186 shares during the quarter. abrdn plc’s holdings in Fifth Third Bancorp were worth $11,938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of FITB. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $34,000. Hexagon Capital Partners LLC lifted its stake in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the last quarter. Centerpoint Advisors LLC boosted its position in shares of Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after buying an additional 750 shares during the period. Family Firm Inc. bought a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $52,000. Finally, Blue Trust Inc. raised its holdings in shares of Fifth Third Bancorp by 130.6% in the second quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock worth $60,000 after buying an additional 914 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FITB. Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Barclays raised their price target 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. Argus boosted their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $42.28.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were 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 in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was 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 currently owned by corporate insiders.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $43.14 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a fifty-two week low of $24.02 and a fifty-two week high of $45.71. The firm has a market capitalization of $29.20 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 2.11 and a beta of 1.22. The stock’s 50-day simple moving average is $42.81 and its 200-day simple moving average is $39.66.

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

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.43%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 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.