Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 23,549 shares of the financial services provider’s stock after selling 436 shares during the period. Legacy Capital Group California Inc.’s holdings in Fifth Third Bancorp were worth $1,009,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Park National Corp OH raised its position in Fifth Third Bancorp by 15.0% during the second 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. M&G Plc acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at $1,254,000. Plato Investment Management Ltd purchased a new position in Fifth Third Bancorp during the first quarter worth $639,000. Russell Investments Group Ltd. increased its position in Fifth Third Bancorp by 9.1% during the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after buying an additional 26,194 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Fifth Third Bancorp by 2.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock valued at $30,796,000 after acquiring an additional 18,208 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.06 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm has a market cap of $30.14 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $45.71. The stock has a 50 day moving average of $42.40 and a 200-day moving average of $39.27.

Fifth Third Bancorp (NASDAQ:FITB) last issued its 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). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the company posted $0.92 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. 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 dividend yield of 3.36%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FITB. Jefferies Financial Group boosted their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Bank of America lifted their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Barclays increased their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Argus lifted 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. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.28.

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.