Fifth Third Wealth Advisors LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Fifth Third Wealth Advisors LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the 2nd quarter, Holdings Channel reports. The firm purchased 6,211 shares of the financial services provider’s stock, valued at approximately $227,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Morningstar Investment Management LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $2,257,000. Bank of Nova Scotia boosted its holdings in Fifth Third Bancorp by 31.6% during the 4th quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after buying an additional 21,251 shares in the last quarter. Park National Corp OH grew its holdings in Fifth Third Bancorp by 15.0% during the 2nd quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after buying an additional 5,411 shares in the last quarter. Rhino Investment Partners Inc raised its holdings in Fifth Third Bancorp by 20.1% during the 4th quarter. Rhino Investment Partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after bought an additional 217,956 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Fifth Third Bancorp by 8.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after purchasing an additional 21,612 shares in the last quarter. 83.79% of shares are owned by institutional investors and hedge funds.

Insiders place their bets

In other news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the transaction, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,500 shares of company stock worth $1,429,920. Corporate insiders own 0.50% of the company’s shares.

Analysts set new price targets

Several research analysts have issued reports on FITB shares. Argus boosted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Jefferies Financial Group boosted their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Wolfe Research raised Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research note on Friday, May 31st. Finally, Morgan Stanley boosted their price target on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th . Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $40.56.

Check out our latest analysis of Fifth Third Bancorp

Fifth Third Bancorp Price Performance

Shares of FITB opened at $41.00 on Friday. The stock has a 50 day moving average price of $38.78 and a two hundred day moving average price of $36.93. The stock has a market cap of $28.05 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company has a current ratio of 0.81, a quick ratio of 0.81, and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report ) last released its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. In the same quarter last year, the company posted EPS of $0.87. Equities analysts forecast that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.35 per share. This represents a dividend of $1.40 on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend was Friday, June 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 44.44%.

Fifth Third Bancorp Company Profile

(Free report)

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, the National Association engaged in providing 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.

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