Highstreet Asset Management Inc. lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 27.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,963 shares of the financial services provider’s stock after selling 11,979 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $894,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Sun Life Financial INC grew its stake in Fifth Third Bancorp by 55,050.0% during the 2nd quarter. Sun Life Financial INC now owns 5,515 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 5,505 shares during the last quarter. Ullmann Financial Group Inc. purchased a new stake in Fifth Third Bancorp during the 1st quarter valued at about $167,000. Duncker Streett & Co. Inc. grew its stake in Fifth Third Bancorp by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 6,491 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 17 shares during the last quarter. Cornerstone Advisors Inc. grew its stake in Fifth Third Bancorp by 14.2% during the 2nd quarter. Cornerstone Advisors Inc. now owns 6,811 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 847 shares during the last quarter. Finally, Fulton Bank N.A. purchased a new stake in Fifth Third Bancorp during the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 81.45% of the company’s stock.
Several brokerages have recently issued reports on FITB. Zacks Investment Research cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 31st. BidaskClub cut Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird cut Fifth Third Bancorp from a “neutral” rating to an “underperform” rating and set a $24.00 price objective for the company. in a report on Monday, October 2nd. Nomura boosted their price objective on Fifth Third Bancorp from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, October 26th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.33.
Fifth Third Bancorp (NASDAQ:FITB) traded up $0.52 during mid-day trading on Tuesday, hitting $28.19. The stock had a trading volume of 8,057,900 shares, compared to its average volume of 5,775,685. The stock has a market capitalization of $19,523.43, a price-to-earnings ratio of 15.37, a PEG ratio of 2.29 and a beta of 1.34. Fifth Third Bancorp has a 1-year low of $23.20 and a 1-year high of $29.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.93.
Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.48 earnings per share for the quarter, hitting the consensus estimate of $0.48. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.55 billion. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. During the same period in the prior year, the business posted $0.65 earnings per share. equities research analysts forecast that Fifth Third Bancorp will post 1.8 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.27%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio is presently 23.97%.
In related news, EVP Timothy Spence sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $28.86, for a total value of $432,900.00. Following the completion of the transaction, the executive vice president now directly owns 154,577 shares in the company, valued at $4,461,092.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $26.21, for a total value of $183,574.84. Following the completion of the transaction, the executive vice president now owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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