Stratos Wealth Partners LTD. cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 3.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,082 shares of the financial services provider’s stock after selling 606 shares during the period. Stratos Wealth Partners LTD.’s holdings in Fifth Third Bancorp were worth $649,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. State Street Corp raised its stake in Fifth Third Bancorp by 0.5% during the fourth quarter. State Street Corp now owns 34,779,315 shares of the financial services provider’s stock worth $1,524,992,000 after purchasing an additional 173,863 shares during the period. Bank of America Corp DE raised its stake in shares of Fifth Third Bancorp by 1.1% in the 4th quarter. Bank of America Corp DE now owns 26,378,020 shares of the financial services provider’s stock valued at $1,148,763,000 after acquiring an additional 282,498 shares during the period. Geode Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 13,353,444 shares of the financial services provider’s stock valued at $580,122,000 after acquiring an additional 636,018 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,470,961 shares of the financial services provider’s stock valued at $456,011,000 after acquiring an additional 208,997 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Fifth Third Bancorp by 11.2% in the 4th quarter. Alliancebernstein L.P. now owns 8,084,127 shares of the financial services provider’s stock valued at $352,064,000 after acquiring an additional 811,685 shares during the period. 81.00% of the stock is currently owned by institutional investors.
In other news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $36.93, for a total value of $92,325.00. Following the completion of the transaction, the executive vice president now owns 45,844 shares in the company, valued at approximately $1,693,018.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Greg D. Carmichael sold 50,000 shares of the company’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $40.05, for a total transaction of $2,002,500.00. Following the completion of the transaction, the chief executive officer now owns 644,745 shares of the company’s stock, valued at approximately $25,822,037.25. The disclosure for this sale can be found here. Corporate insiders own 0.67% of the company’s stock.
A number of equities research analysts have recently issued reports on FITB shares. Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Citigroup reduced their price target on shares of Fifth Third Bancorp from $44.00 to $37.00 in a research note on Tuesday. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 target price on the stock in a research note on Friday, June 17th. The Goldman Sachs Group cut their target price on shares of Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Finally, Bank of America upped their target price on shares of Fifth Third Bancorp from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, April 20th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.93.
NASDAQ FITB opened at $32.21 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.60. Fifth Third Bancorp has a 52 week low of $31.80 and a 52 week high of $50.64. The stock has a market capitalization of $22.02 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 1.12 and a beta of 1.33. The firm has a 50 day moving average of $35.78 and a two-hundred day moving average of $41.60.
Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last posted its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.69 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.01). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the firm earned $0.93 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 3.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.73%. The ex-dividend date is Wednesday, June 29th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 34.38%.
Fifth Third Bancorp Company Profile (Get Rating)
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company’s Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
Further Reading
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