Graypoint LLC Acquires 733 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Graypoint LLC lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 7.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 11,259 shares of the financial services provider’s stock after acquiring an additional 733 shares during the quarter. Graypoint LLC’s holdings in Fifth Third Bancorp were worth $482,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Concurrent Investment Advisors LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter valued at $215,000. Gordian Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $227,000. Centennial Wealth Advisory LLC increased its position in shares of Fifth Third Bancorp by 3.2% during the third quarter. Centennial Wealth Advisory LLC now owns 9,691 shares of the financial services provider’s stock valued at $415,000 after buying an additional 297 shares during the period. Greenwood Capital Associates LLC purchased a new stake in Fifth Third Bancorp in the third quarter worth about $981,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $53,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In related 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 completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $46.26 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $31.31 billion, a P/E ratio of 15.37, a PEG ratio of 2.05 and a beta of 1.21. The company has a 50-day moving average price of $43.09 and a 200-day moving average price of $40.00. Fifth Third Bancorp has a 52 week low of $24.64 and a 52 week high of $46.90.

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

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FITB. Morgan Stanley lifted their target price 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. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Royal Bank of Canada increased their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Argus boosted their price objective 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. Finally, Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $42.28.

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.