Fifth Third Bancorp (NASDAQ:FITB) Stock Position Lessened by Hartford Investment Management Co.

Hartford Investment Management Co. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.4% during the third quarter, Holdings Channel.com reports. The firm owned 42,593 shares of the financial services provider’s stock after selling 1,478 shares during the period. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $1,825,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Park National Corp OH lifted its stake in shares of Fifth Third Bancorp by 15.0% in the 2nd 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 period. M&G Plc bought a new position in Fifth Third Bancorp during the 2nd quarter valued at $1,254,000. Plato Investment Management Ltd bought a new position in Fifth Third Bancorp during the 1st quarter valued at $639,000. Russell Investments Group Ltd. raised its stake in shares of Fifth Third Bancorp by 9.1% in the 1st 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 holdings 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 buying an additional 18,208 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB stock opened at $44.06 on Friday. The firm has a 50 day simple moving average of $42.40 and a 200 day simple moving average of $39.27. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $45.71. The stock has a market cap of $30.14 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.94 and a beta of 1.22. 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 issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the business earned $0.92 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Research analysts anticipate 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. Shareholders of record on Monday, September 30th were given a $0.37 dividend. 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 yield of 3.36%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FITB shares. StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Argus boosted their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Jefferies Financial Group raised their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Bank of America increased their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.28.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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.