Allworth Financial LP Decreases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Allworth Financial LP cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 49.0% in the third quarter, HoldingsChannel reports. The firm owned 7,082 shares of the financial services provider’s stock after selling 6,817 shares during the quarter. Allworth Financial LP’s holdings in Fifth Third Bancorp were worth $303,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Capital Advisory LLC bought a new position in Fifth Third Bancorp during the second quarter valued at $34,000. Hexagon Capital Partners LLC raised its position in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after buying an additional 312 shares in the last quarter. Centerpoint Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 125.0% in the 1st 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. purchased a new position in Fifth Third Bancorp in the second quarter worth about $52,000. Finally, Blue Trust Inc. increased its stake in Fifth Third Bancorp by 130.6% during the second quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 914 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction 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 $4,805,724. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $44.08 on Thursday. The company has a market cap of $29.83 billion, a PE ratio of 14.64, a P/E/G ratio of 2.09 and a beta of 1.22. The firm’s 50 day moving average price is $42.73 and its 200-day moving average price is $39.57. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52-week low of $23.17 and a 52-week high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 3.33 EPS 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 issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.36%. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Analyst Upgrades and Downgrades

FITB has been the subject of several analyst reports. Barclays raised their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Royal Bank of Canada boosted their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Bank of America increased their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley upped their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.28.

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.