MidWestOne Financial Group Inc. Sells 2,811 Shares of Fifth Third Bancorp (NASDAQ:FITB)

MidWestOne Financial Group Inc. reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 12.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 20,596 shares of the financial services provider’s stock after selling 2,811 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $752,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FITB. Gilbert & Cook Inc. grew its holdings in shares of Fifth Third Bancorp by 3.8% during the 4th quarter. Gilbert & Cook Inc. now owns 19,698 shares of the financial services provider’s stock valued at $679,000 after purchasing an additional 729 shares during the last quarter. Aveo Capital Partners LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $206,000. 9258 Wealth Management LLC grew its holdings in shares of Fifth Third Bancorp by 4.6% during the 4th quarter. 9258 Wealth Management LLC now owns 14,019 shares of the financial services provider’s stock valued at $484,000 after purchasing an additional 620 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Fifth Third Bancorp by 14,250.0% during the 4th quarter. Assetmark Inc. now owns 2,009 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,995 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 7.2% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 82,176 shares of the financial services provider’s stock valued at $2,834,000 after purchasing an additional 5,547 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the topic of several research reports. Bank of America lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. 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. Evercore ISI cut their target price on shares of 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, Royal Bank of Canada lifted their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $41.16.

Fifth Third Bancorp Stock Up 0.1 %

Shares of NASDAQ FITB opened at $42.94 on Friday. The company has a market capitalization of $29.37 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 2.03 and a beta of 1.22. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $43.85. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company’s 50 day moving average price is $41.41 and its 200-day moving average price is $38.37.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (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 company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the firm earned $0.87 EPS. Equities analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is presently 46.98%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. 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 quarter. Company insiders own 0.50% of the company’s stock.

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.