Hartford Investment Management Co. reduced its position in Fifth Third Bancorp (NASDAQ:FITB – Get a rating) by 6.8% in the first quarter, HoldingsChannel reports. The institutional investor held 65,049 shares of the financial services provider after selling 4,771 shares during the period. Hartford Investment Management Co.’s holdings in Fifth Third Bancorp were worth $2,800,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of FITB. Johnson Financial Group Inc. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter at a value of $31,000. Wagner Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 82.5% during the fourth quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider worth $35,000 after acquiring 359 additional shares in the last quarter. Evoke Wealth LLC increased its stake in shares of Fifth Third Bancorp by 146.7% during the fourth quarter. Evoke Wealth LLC now owns 814 shares of the financial services provider valued at $36,000 after acquiring an additional 484 shares in the last quarter. Covestor Ltd acquired a new equity stake in Fifth Third Bancorp during the fourth quarter valued at $37,000. Finally, James Reed Financial Services Inc. acquired a new equity stake in Fifth Third Bancorp during the fourth quarter at a value of $42,000. 81.00% of the shares are currently held by institutional investors and hedge funds.
NASDAQ FITB opened at $33.84 on Friday. The company has a market capitalization of $23.14 billion, a P/E ratio of 9.70, a P/E/G ratio of 1.12 and a beta of 1.33. Fifth Third Bancorp has a 1-year low of $32.55 and a 1-year high of $50.64. The company has a debt ratio of 0.60, a current ratio of 0.81 and a quick ratio of 0.80. The company’s 50-day simple moving average is $36.65 and its 200-day simple moving average is $42.18.
Fifth Third Bancorp (NASDAQ:FITB – Get a rating) last released its quarterly earnings data on Tuesday, April 19. The financial services provider reported earnings per share of $0.69 for the quarter, missing the consensus estimate of $0.70 per ($0.01). The company posted revenue of $1.88 billion in the quarter, compared to analysts’ estimates of $1.94 billion. Fifth Third Bancorp had a net margin of 31.14% and a return on equity of 12.99%. In the same period a year earlier, the company earned earnings per share of $0.93. On average, equity research analysts expect Fifth Third Bancorp to post EPS of 3.68 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15. Investors of record on Thursday, June 30 will receive a dividend of $0.30 per share. The ex-dividend date is Wednesday, June 29. This represents an annualized dividend of $1.20 and a dividend yield of 3.55%. Fifth Third Bancorp’s payout ratio is currently 34.38%.
Separately, CEO Greg D. Carmichael sold 50,000 shares of the company in a trade dated Thursday, April 21. The stock was sold at an average price of $40.05, for a total transaction of $2,002,500.00. As a result of the sale, the CEO now directly owns 644,745 shares of the company, valued at approximately $25,822,037.25. The sale was disclosed in a document filed with the SEC, accessible via this link. Also, VPE Jude Schramm sold 2,500 shares of the company in a transaction dated Tuesday, May 17. The shares were sold at an average price of $36.93, for a total value of $92,325.00. Following the sale, the executive vice president now owns 45,844 shares of the company, valued at $1,693,018.92. Disclosure of this sale can be found here. Insiders of the company own 0.67% of the shares of the company.
FITB has been the subject of a number of analyst reports. Goldman Sachs Group lowered its price target on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating on the stock in a Tuesday, May 31 research note. Wells Fargo & Company cut its price target on Fifth Third Bancorp from $52.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday. StockNews.com began coverage of Fifth Third Bancorp in a research note on Thursday, March 31. They issued a “holding” rating on the stock. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperforming” rating and set a price target of $44.00 for the stock in a Friday, June 17 research note. Finally, Citigroup reissued a “neutral” rating on Fifth Third Bancorp shares in a Thursday, March 24 research note. Seven equity research analysts gave the stock a hold rating and nine gave the company a buy rating. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $47.71.
Fifth Third Bancorp Profile (Get a rating)
Fifth Third Bancorp operates as a diversified financial services company in the United States. The Company’s Commercial Banking segment offers credit intermediation, cash management and financial services; loan and deposit products; and cash management, foreign exchange and trade finance, derivatives and capital markets, asset-backed lending, real estate finance, public finance, commercial leasing and syndicated finance for corporate, government and professional clients.
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