Private Advisor Group LLC Has $1.12 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Private Advisor Group LLC decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 10.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 26,045 shares of the financial services provider’s stock after selling 2,898 shares during the period. Private Advisor Group LLC’s holdings in Fifth Third Bancorp were worth $1,116,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of FITB. Diversified Trust Co grew its position in Fifth Third Bancorp by 4.2% during the 1st quarter. Diversified Trust Co now owns 9,608 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 390 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Fifth Third Bancorp by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 73,905 shares of the financial services provider’s stock worth $2,750,000 after purchasing an additional 365 shares during the last quarter. Norden Group LLC bought a new position in shares of Fifth Third Bancorp in the 1st quarter worth $622,000. First Trust Direct Indexing L.P. raised its stake in Fifth Third Bancorp by 24.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 15,596 shares of the financial services provider’s stock worth $580,000 after buying an additional 3,090 shares during the period. Finally, J.W. Cole Advisors Inc. raised its stake in Fifth Third Bancorp by 16.3% during the 1st quarter. J.W. Cole Advisors Inc. now owns 9,080 shares of the financial services provider’s stock worth $338,000 after buying an additional 1,275 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Royal Bank of Canada lifted their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Argus lifted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Evercore ISI boosted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley boosted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $42.28.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’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 sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the 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 approximately $2,441,720.71. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Down 1.2 %

Shares of FITB opened at $43.14 on Friday. The firm has a 50 day simple moving average of $42.81 and a two-hundred day simple moving average of $39.66. The company has a market cap of $29.20 billion, a P/E ratio of 14.33, a P/E/G ratio of 2.11 and a beta of 1.22. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a one year low of $24.02 and a one year high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data 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 period in the prior year, the firm earned $0.92 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. Research 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 declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given 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 yield of 3.43%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is 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.