Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp lessened its stake in Fifth Third Bancorp (NASDAQ:FITB) by 8.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,978 shares of the financial services provider’s stock after selling 6,499 shares during the period. Mackenzie Financial Corp’s holdings in Fifth Third Bancorp were worth $2,553,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Millennium Management LLC increased its stake in shares of Fifth Third Bancorp by 896.7% during the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares during the period. MBB Public Markets I LLC boosted its stake in Fifth Third Bancorp by 187.9% during the 2nd quarter. MBB Public Markets I LLC now owns 74,155 shares of the financial services provider’s stock valued at $2,706,000 after purchasing an additional 48,400 shares in the last quarter. Employees Retirement System of Texas increased its position in shares of Fifth Third Bancorp by 38.7% during the 2nd quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after purchasing an additional 399,900 shares during the period. AQR Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 63.3% in the 2nd quarter. AQR Capital Management LLC now owns 72,611 shares of the financial services provider’s stock worth $2,615,000 after buying an additional 28,156 shares in the last quarter. Finally, AXA S.A. lifted its holdings in shares of Fifth Third Bancorp by 171.5% in the second quarter. AXA S.A. now owns 51,860 shares of the financial services provider’s stock valued at $1,892,000 after buying an additional 32,756 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.3 %

FITB stock opened at $41.98 on Thursday. The company has a 50 day moving average of $41.48 and a two-hundred day moving average of $38.51. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $43.85. The company has a market cap of $28.72 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 2.03 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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 firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period in the previous year, the business posted $0.87 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.37 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.53%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is currently 46.98%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the 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 transaction, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on FITB. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Stephens restated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Argus increased their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Royal Bank of Canada boosted their target price on 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 research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $41.78.

Fifth Third Bancorp Company 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.