CNB Bank Reduces Stock Holdings in Fifth Third Bancorp $FITB

CNB Bank decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 20.9% in the second quarter, Holdings Channel.com reports. The firm owned 4,126 shares of the financial services provider’s stock after selling 1,092 shares during the period. CNB Bank’s holdings in Fifth Third Bancorp were worth $170,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Allianz Asset Management GmbH raised its position in Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Principal Financial Group Inc. grew its stake in Fifth Third Bancorp by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after buying an additional 12,905 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its stake in Fifth Third Bancorp by 49.5% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 15,692 shares during the last quarter. Teacher Retirement System of Texas grew its stake in Fifth Third Bancorp by 1,448.6% during the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 91,754 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Fifth Third Bancorp by 12.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 617,867 shares of the financial services provider’s stock worth $23,979,000 after buying an additional 68,578 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on FITB shares. Wolfe Research boosted their price target on Fifth Third Bancorp from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Cowen reiterated a “buy” rating on shares of Fifth Third Bancorp in a research note on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 7th. Finally, Evercore ISI upped their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.45.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $42.63 on Friday. The business has a 50 day simple moving average of $44.25 and a two-hundred day simple moving average of $41.04. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a market capitalization of $28.22 billion, a P/E ratio of 12.73, a PEG ratio of 1.14 and a beta of 0.95. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. As a group, analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.53% of the company’s stock.

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.