Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Community Trust & Investment Co.

Community Trust & Investment Co. cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.1% in the third quarter, Holdings Channel reports. The fund owned 77,595 shares of the financial services provider’s stock after selling 891 shares during the period. Community Trust & Investment Co.’s holdings in Fifth Third Bancorp were worth $3,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hexagon Capital Partners LLC increased its stake in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 312 shares during the last quarter. American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $34,000. Centerpoint Advisors LLC increased its position in shares of Fifth Third Bancorp by 125.0% during the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 750 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $52,000. Finally, West Oak Capital LLC acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth about $68,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was 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 directly owns 114,422 shares of the company’s stock, valued at $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $43.66 on Wednesday. The stock has a 50-day simple moving average of $42.32 and a 200-day simple moving average of $39.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $29.87 billion, a PE ratio of 13.86, a PEG ratio of 1.94 and a beta of 1.22. 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 announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion during 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 business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. On average, analysts predict that Fifth Third Bancorp will post 3.31 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.39%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Barclays raised their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday. Royal Bank of Canada lifted their target price 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. StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Evercore ISI lifted their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $42.28.

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.