Western Wealth Management LLC Takes $214,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

Western Wealth Management LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, HoldingsChannel reports. The fund purchased 6,191 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FITB. Boston Partners grew its stake in Fifth Third Bancorp by 32.1% during the third quarter. Boston Partners now owns 13,076,541 shares of the financial services provider’s stock worth $331,188,000 after purchasing an additional 3,176,903 shares during the period. Smead Capital Management Inc. bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $67,354,000. Invesco Ltd. lifted its holdings in shares of Fifth Third Bancorp by 8.4% in the third quarter. Invesco Ltd. now owns 19,428,232 shares of the financial services provider’s stock valued at $492,117,000 after purchasing an additional 1,500,653 shares in the last quarter. Barclays PLC lifted its holdings in shares of Fifth Third Bancorp by 66.0% in the third quarter. Barclays PLC now owns 2,307,073 shares of the financial services provider’s stock valued at $58,437,000 after purchasing an additional 917,549 shares in the last quarter. Finally, Kettle Hill Capital Management LLC bought a new position in shares of Fifth Third Bancorp in the third quarter valued at approximately $12,625,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insiders Place Their Bets

In other Fifth Third Bancorp news, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO James C. Leonard sold 26,500 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total value of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the completion of the sale, the executive vice president now directly owns 139,422 shares of the company’s stock, valued at approximately $5,072,172.36. The disclosure for this sale can be found here. Insiders sold a total of 46,357 shares of company stock valued at $1,693,888 over the last 90 days. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $36.55 on Tuesday. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.41. The business has a 50-day simple moving average of $35.26 and a 200 day simple moving average of $31.97. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91. The stock has a market cap of $24.90 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 1.38 and a beta of 1.27.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 3.19 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Wednesday, March 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 44.44%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays raised their target price on Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. DA Davidson raised their target price on Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday. Royal Bank of Canada lifted their price target on Fifth Third Bancorp from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 22nd. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $40.00 price target (up from $39.00) on shares of Fifth Third Bancorp in a research report on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $36.31.

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.