Great Valley Advisor Group Inc. Decreases Position in Fifth Third Bancorp (NASDAQ:FITB)

Great Valley Advisor Group Inc. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 10.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,113 shares of the financial services provider’s stock after selling 898 shares during the period. Great Valley Advisor Group Inc.’s holdings in Fifth Third Bancorp were worth $348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after buying an additional 732,651 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Fifth Third Bancorp by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after buying an additional 281,494 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock valued at $371,837,000 after buying an additional 399,827 shares in the last quarter. Smead Capital Management Inc. grew its stake in Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after buying an additional 75,024 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Fifth Third Bancorp by 1.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after buying an additional 19,572 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s 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 transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $48.16 on Thursday. 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 company has a market capitalization of $32.29 billion, a PE ratio of 16.00, a P/E/G ratio of 2.32 and a beta of 1.21. The firm has a fifty day simple moving average of $44.52 and a two-hundred day simple moving average of $40.92. Fifth Third Bancorp has a twelve month low of $26.89 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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 period in the prior year, the firm earned $0.92 earnings per share. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.37 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.07%. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FITB. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Citigroup raised their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Morgan Stanley raised 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. Finally, Evercore ISI raised their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $43.62.

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.