Fiera Capital Corp Cuts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Fiera Capital Corp trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 26,127 shares of the financial services provider’s stock after selling 323 shares during the period. Fiera Capital Corp’s holdings in Fifth Third Bancorp were worth $953,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. bought a new stake in Fifth Third Bancorp during the 1st quarter valued at approximately $29,000. American Capital Advisory LLC purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $34,000. Centerpoint Advisors LLC raised its position in shares of Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after buying an additional 750 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Fifth Third Bancorp in the second quarter worth $52,000. Finally, Mather Group LLC. bought a new position in shares of Fifth Third Bancorp during the first quarter worth $56,000. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now directly owns 134,422 shares in the company, valued at approximately $5,376,880. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Jude Schramm sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares in the company, valued at $5,376,880. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 20,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The disclosure for this sale can be found here. Insiders sold 54,500 shares of company stock worth $2,269,920 in the last 90 days. 0.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of research reports. Royal Bank of Canada lifted their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Evercore ISI decreased their target price on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research report on Tuesday, June 25th. Bank of America increased their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Stephens reaffirmed an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Finally, Morgan Stanley increased their target price on Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.56.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $42.10 on Thursday. The firm has a market capitalization of $28.80 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 2.01 and a beta of 1.24. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $42.91. The firm has a 50-day moving average price of $39.92 and a 200-day moving average price of $37.50. 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 (NASDAQ:FITB) last released its earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the company posted $0.87 EPS. As a group, equities research analysts forecast that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.33%. The ex-dividend date was Friday, June 28th. Fifth Third Bancorp’s dividend payout ratio is presently 44.44%.

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.