Park National Corp OH Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Park National Corp OH trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,092 shares of the financial services provider’s stock after selling 474 shares during the period. Park National Corp OH’s holdings in Fifth Third Bancorp were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its position in shares of Fifth Third Bancorp by 6.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 61,168 shares of the financial services provider’s stock valued at $2,110,000 after buying an additional 3,476 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Fifth Third Bancorp by 57.5% during the fourth quarter. Nordea Investment Management AB now owns 737,397 shares of the financial services provider’s stock worth $25,551,000 after purchasing an additional 269,152 shares in the last quarter. Morningstar Investment Management LLC purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $2,257,000. Bank of Nova Scotia boosted its position in shares of Fifth Third Bancorp by 31.6% in the 4th quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after purchasing an additional 21,251 shares in the last quarter. Finally, rhino investment partners Inc grew its stake in Fifth Third Bancorp by 20.1% during the 4th quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after buying an additional 217,956 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the topic of a number of research analyst reports. Evercore ISI boosted their price target on Fifth Third Bancorp from $37.00 to $40.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target for the company in a report on Friday, May 31st. Morgan Stanley reissued an “equal weight” rating and set a $36.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 22nd. JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $37.50 to $39.50 in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company raised their price objective on Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.21.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total value of $93,750.00. Following the completion of the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at $5,134,575. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Kala Gibson sold 14,857 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at approximately $5,134,575. The disclosure for this sale can be found here. Insiders have sold 22,357 shares of company stock valued at $816,148 in the last ninety days. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $35.98 on Wednesday. The stock has a market capitalization of $24.61 billion, a PE ratio of 11.42, a P/E/G ratio of 2.47 and a beta of 1.24. The company has a fifty day moving average of $36.69 and a two-hundred day moving average of $35.30. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $22.49 and a fifty-two week high of $39.14.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, beating 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 business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the business posted $0.78 earnings per share. As a group, research analysts forecast that Fifth Third Bancorp will post 3.26 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.35 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.89%. Fifth Third Bancorp’s payout ratio is 44.44%.

Fifth Third Bancorp 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.