Alerus Financial NA Sells 7,233 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Alerus Financial NA reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 243,325 shares of the financial services provider’s stock after selling 7,233 shares during the quarter. Fifth Third Bancorp accounts for approximately 0.8% of Alerus Financial NA’s holdings, making the stock its 23rd biggest position. Alerus Financial NA’s holdings in Fifth Third Bancorp were worth $10,424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Jupiter Asset Management Ltd. bought a new position in Fifth Third Bancorp in the 2nd quarter worth $33,337,000. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after buying an additional 732,651 shares during the period. Millennium Management LLC lifted its position in shares of Fifth Third Bancorp by 896.7% during the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after buying an additional 583,781 shares in the last quarter. Employees Retirement System of Texas grew its stake in shares of Fifth Third Bancorp by 38.7% during the 2nd 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 acquiring an additional 399,900 shares during the period. 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 acquiring an additional 399,827 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Evercore ISI upped 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 report on Wednesday, October 2nd. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Barclays boosted their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, Morgan Stanley increased their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $43.62.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 0.2 %

FITB stock opened at $48.06 on Friday. The firm has a fifty day moving average price of $44.70 and a 200 day moving average price of $41.05. Fifth Third Bancorp has a fifty-two week low of $28.29 and a fifty-two week high of $49.07. The firm has a market cap of $32.23 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 2.30 and a beta of 1.21. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 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 analysts’ expectations 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 quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 earnings per share. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, September 30th. This is an increase 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 3.08%. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

About Fifth Third Bancorp

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.