Benin Management CORP Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Benin Management CORP decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 41.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 11,627 shares of the financial services provider’s stock after selling 8,300 shares during the period. Benin Management CORP’s holdings in Fifth Third Bancorp were worth $498,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Park National Corp OH grew its position in shares of Fifth Third Bancorp by 15.0% in 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 during the last quarter. M&G Plc purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $1,254,000. Plato Investment Management Ltd purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $639,000. Russell Investments Group Ltd. grew its position in shares of Fifth Third Bancorp by 9.1% in the 1st quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after buying an additional 26,194 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Fifth Third Bancorp by 2.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock worth $30,796,000 after buying an additional 18,208 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB stock traded down $0.95 during midday trading on Monday, hitting $43.72. 633,502 shares of the stock traded hands, compared to its average volume of 4,593,633. The firm has a market cap of $29.91 billion, a P/E ratio of 14.07, a PEG ratio of 1.94 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s fifty day simple moving average is $42.15 and its 200-day simple moving average is $39.12. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.83 by $0.02. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the business earned $0.92 earnings per share. On average, analysts expect that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Monday, September 30th. 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 currently 46.98%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Bank of America boosted their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Barclays boosted their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $42.28.

Insider Activity at Fifth Third Bancorp

In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s 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 sale, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, 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 directly owns 20,961 shares of the company’s stock, valued at $863,802.81. 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 Kevin P. Lavender sold 20,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,000 shares of company stock worth $2,169,920. 0.50% of the stock is owned by company insiders.

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.