My Legacy Advisors LLC Sells 6,290 Shares of Fifth Third Bancorp (NASDAQ:FITB)

My Legacy Advisors LLC lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 18.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,940 shares of the financial services provider’s stock after selling 6,290 shares during the quarter. My Legacy Advisors LLC’s holdings in Fifth Third Bancorp were worth $1,197,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park National Corp OH lifted its holdings in shares of 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 purchasing an additional 5,411 shares during the period. M&G Plc acquired a new position in Fifth Third Bancorp in the second quarter valued at $1,254,000. Plato Investment Management Ltd acquired a new position in Fifth Third Bancorp in the first quarter valued at $639,000. Russell Investments Group Ltd. lifted its holdings in Fifth Third Bancorp by 9.1% in the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock valued at $11,657,000 after buying an additional 26,194 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its holdings in 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 buying an additional 18,208 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.9 %

Shares of FITB stock traded up $0.37 during mid-day trading on Tuesday, reaching $43.74. The stock had a trading volume of 1,693,352 shares, compared to its average volume of 4,596,129. The stock’s 50-day moving average price is $42.24 and its two-hundred day moving average price is $39.18. The firm has a market capitalization of $29.92 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data 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). 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 the consensus estimate of $2.16 billion. During the same period in the previous year, the firm earned $0.92 EPS. The company’s revenue was up 1.2% on a year-over-year basis. Equities analysts expect that Fifth Third Bancorp will post 3.31 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Evercore ISI boosted their target price 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. Morgan Stanley upped their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Bank of America upped their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Argus upped their price objective 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. Finally, Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.28.

Insider Transactions at Fifth Third Bancorp

In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The shares were 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 owns 114,422 shares in the company, valued at $4,805,724. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,000 shares of company stock worth $2,169,920. Corporate 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.