Connable Office Inc. Acquires Shares of 47,883 Fifth Third Bancorp (NASDAQ:FITB)

Connable Office Inc. bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 47,883 shares of the financial services provider’s stock, valued at approximately $2,051,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital World Investors lifted its position in Fifth Third Bancorp by 13.4% in the 1st quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after acquiring an additional 5,512,333 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the second quarter worth $33,337,000. Millennium Management LLC lifted its holdings in shares of Fifth Third Bancorp by 896.7% during the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Employees Retirement System of Texas boosted its position in shares of Fifth Third Bancorp by 38.7% during the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after buying an additional 399,900 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after buying an additional 399,827 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1 %

Shares of NASDAQ:FITB opened at $47.26 on Friday. The stock has a 50 day moving average of $43.38 and a 200 day moving average of $40.24. The company has a market cap of $31.69 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $26.63 and a 12-month high of $48.10. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results 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). The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share. As a group, equities research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.13%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FITB shares. Argus raised their price target on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Morgan Stanley raised their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Finally, StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus price target of $43.09.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The trade was a 14.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

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.