Mackay Shields LLC decreased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 250,428 shares of the financial services provider’s stock after selling 3,277 shares during the period. Mackay Shields LLC’s holdings in Fifth Third Bancorp were worth $6,857,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in FITB. Covington Capital Management purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $25,000. FinTrust Capital Advisors LLC bought a new stake in Fifth Third Bancorp during the third quarter worth $32,000. NEXT Financial Group Inc lifted its holdings in Fifth Third Bancorp by 53.9% during the second quarter. NEXT Financial Group Inc now owns 1,265 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 443 shares during the period. CWM LLC lifted its holdings in Fifth Third Bancorp by 47.7% during the second quarter. CWM LLC now owns 1,532 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 495 shares during the period. Finally, CSat Investment Advisory L.P. lifted its holdings in Fifth Third Bancorp by 179.1% during the second quarter. CSat Investment Advisory L.P. now owns 1,747 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,121 shares during the period. 78.06% of the stock is currently owned by institutional investors.
In other news, Director Evan Bayh acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was purchased at an average cost of $25.93 per share, for a total transaction of $103,720.00. Following the acquisition, the director now owns 48,517 shares of the company’s stock, valued at $1,258,045.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy Spence sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total value of $137,600.00. Following the completion of the transaction, the executive vice president now owns 152,672 shares of the company’s stock, valued at $4,201,533.44. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
Shares of FITB traded up $0.05 during mid-day trading on Friday, hitting $30.56. The stock had a trading volume of 3,597,500 shares, compared to its average volume of 6,476,386. Fifth Third Bancorp has a 52 week low of $22.12 and a 52 week high of $30.89. The business has a fifty day moving average price of $27.89 and a 200-day moving average price of $27.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market cap of $22.17 billion, a P/E ratio of 12.03, a PEG ratio of 1.50 and a beta of 1.40.
Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.02. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the business earned $0.64 earnings per share. As a group, research analysts expect that Fifth Third Bancorp will post 2.81 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, September 27th. Fifth Third Bancorp’s payout ratio is currently 37.80%.
A number of analysts recently commented on FITB shares. Raymond James lifted their price target on Fifth Third Bancorp from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, October 23rd. Deutsche Bank upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Friday, October 25th. BidaskClub upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday. Finally, Citigroup dropped their price target on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $31.43.
Fifth Third Bancorp Company Profile
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; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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