Charles Schwab Investment Management Inc. Buys 732,651 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Charles Schwab Investment Management Inc. raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 20,774,462 shares of the financial services provider’s stock after buying an additional 732,651 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $889,978,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Fifth Third Bancorp by 4.8% during the third 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 during the last quarter. Smead Capital Management Inc. lifted its holdings in Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after buying an additional 75,024 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Fifth Third Bancorp by 1.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock worth $74,184,000 after acquiring an additional 19,572 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Fifth Third Bancorp by 3.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock valued at $62,096,000 after acquiring an additional 56,298 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Barclays lifted their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Morgan Stanley increased their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $43.09.

Fifth Third Bancorp Trading Up 0.7 %

Shares of NASDAQ:FITB opened at $46.63 on Thursday. The stock has a market capitalization of $31.27 billion, a PE ratio of 15.39, a price-to-earnings-growth ratio of 2.22 and a beta of 1.21. The company’s 50-day moving average price is $43.93 and its two-hundred day moving average price is $40.58. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a one year low of $26.89 and a one year high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). 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 16.58% and a return on equity of 14.58%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the company posted $0.92 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.37 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Insider Activity

In related news, EVP Jude Schramm sold 20,000 shares of the business’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 transaction of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The trade was a 14.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.