Richardson Financial Services Inc. Sells 945 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Richardson Financial Services Inc. cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 10.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,706 shares of the financial services provider’s stock after selling 945 shares during the quarter. Richardson Financial Services Inc.’s holdings in Fifth Third Bancorp were worth $281,000 as of its most recent filing with the SEC.

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

Fifth Third Bancorp Price Performance

FITB opened at $42.62 on Thursday. The company has a fifty day moving average price of $40.97 and a two-hundred day moving average price of $38.05. The firm has a market capitalization of $29.15 billion, a PE ratio of 13.53, a P/E/G ratio of 1.93 and a beta of 1.22. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $43.37. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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 return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the firm earned $0.87 earnings per share. As a group, analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.37 dividend. The ex-dividend date is Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.47%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Morgan Stanley lifted their price objective 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. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Wolfe Research upgraded shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a research report on Friday, May 31st. Finally, Stephens reiterated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $41.16.

Insider Activity at Fifth Third Bancorp

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

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.