Zions Bancorporation cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 30.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,377 shares of the financial services provider’s stock after selling 10,005 shares during the quarter. Zions Bancorporation’s holdings in Fifth Third Bancorp were worth $654,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Fifth Third Bancorp by 1.1% in the second quarter. Vanguard Group Inc. now owns 57,881,541 shares of the financial services provider’s stock worth $1,502,604,000 after purchasing an additional 639,361 shares in the last quarter. Sanders Capital LLC raised its holdings in Fifth Third Bancorp by 1.7% in the third quarter. Sanders Capital LLC now owns 13,152,538 shares of the financial services provider’s stock worth $390,680,000 after purchasing an additional 224,800 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Fifth Third Bancorp by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,368,466 shares of the financial services provider’s stock worth $269,182,000 after purchasing an additional 431,863 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Fifth Third Bancorp by 7,461.4% in the second quarter. Janus Henderson Group PLC now owns 7,612,026 shares of the financial services provider’s stock worth $197,608,000 after purchasing an additional 7,511,357 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Fifth Third Bancorp by 3.0% in the third quarter. Russell Investments Group Ltd. now owns 4,083,708 shares of the financial services provider’s stock worth $114,232,000 after purchasing an additional 118,177 shares in the last quarter. Institutional investors and hedge funds own 83.84% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) traded up $0.09 during midday trading on Tuesday, reaching $30.43. The company had a trading volume of 6,669,975 shares, compared to its average volume of 5,865,150. The stock has a market capitalization of $21,470.00, a price-to-earnings ratio of 11.48, a P/E/G ratio of 2.53 and a beta of 1.35. Fifth Third Bancorp has a 52-week low of $23.20 and a 52-week high of $31.83. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.93.
Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.48 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.48. Fifth Third Bancorp had a return on equity of 9.58% and a net margin of 25.81%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same quarter in the prior year, the firm earned $0.65 earnings per share. sell-side analysts anticipate that Fifth Third Bancorp will post 1.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.64 annualized dividend and a yield of 2.10%. Fifth Third Bancorp’s dividend payout ratio is presently 24.15%.
In other Fifth Third Bancorp news, EVP Timothy Spence sold 15,000 shares of the company’s 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 sale, the executive vice president now owns 154,577 shares in the company, valued at approximately $4,461,092.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.
FITB has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating in a report on Friday, October 27th. UBS Group restated a “sell” rating and set a $26.00 price target (up previously from $25.00) on shares of Fifth Third Bancorp in a research note on Friday, October 6th. Bank of America boosted their price target on Fifth Third Bancorp from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Piper Jaffray Companies restated a “hold” rating and set a $27.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, October 24th. Finally, Morgan Stanley boosted their price target on Fifth Third Bancorp from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $28.98.
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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