Modera Wealth Management LLC Sells 340 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Modera Wealth Management LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,535 shares of the financial services provider’s stock after selling 340 shares during the period. Modera Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Park National Corp OH raised its stake 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 valued at $1,514,000 after acquiring an additional 5,411 shares in the last quarter. M&G Plc bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $1,254,000. Plato Investment Management Ltd bought a new stake in shares of Fifth Third Bancorp during the first quarter valued at approximately $639,000. Russell Investments Group Ltd. grew 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 worth $11,657,000 after purchasing an additional 26,194 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew 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 worth $30,796,000 after purchasing an additional 18,208 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FITB. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Bank of America lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Jefferies Financial Group lifted their price target 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 report on Monday, October 21st. Finally, StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $42.28.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. 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 this link. In other news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Down 0.1 %

FITB stock opened at $44.01 on Wednesday. The stock has a market capitalization of $29.78 billion, a P/E ratio of 14.62, a P/E/G ratio of 2.09 and a beta of 1.22. The firm has a 50-day simple moving average of $42.66 and a 200-day simple moving average of $39.54. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 52 week low of $22.93 and a 52 week high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. Equities analysts forecast that Fifth Third Bancorp will post 3.33 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.36%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 49.17%.

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.