Blueshift Asset Management LLC Trims Stake in Fifth Third Bancorp (NASDAQ:FITB)

Blueshift Asset Management LLC cut its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 23.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,022 shares of the financial services provider’s stock after selling 1,803 shares during the period. Blueshift Asset Management LLC’s holdings in Fifth Third Bancorp were worth $258,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Park National Corp OH lifted its stake in shares of Fifth Third Bancorp by 15.0% during the 2nd quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after acquiring an additional 5,411 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Fifth Third Bancorp by 15.1% during the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 9,444 shares during the period. M&G Plc purchased a new position in Fifth Third Bancorp in the 2nd quarter worth about $1,254,000. BDF Gestion bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $3,837,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Fifth Third Bancorp by 13.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after purchasing an additional 55,081 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Morgan Stanley raised their target price 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 cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Evercore ISI lifted their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Finally, Barclays upped their target price on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $43.62.

Fifth Third Bancorp Stock Down 0.2 %

Shares of FITB stock opened at $48.16 on Friday. Fifth Third Bancorp has a fifty-two week low of $26.89 and a fifty-two week high of $49.07. The firm has a market capitalization of $32.29 billion, a PE ratio of 16.00, a P/E/G ratio of 2.32 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. The stock’s 50-day simple moving average is $44.61 and its 200-day simple moving average is $40.97.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion for 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.92 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business 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 an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.07%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.

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.