Fifth Third Bancorp $FITB Stock Position Decreased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 11.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 252,574 shares of the financial services provider’s stock after selling 31,843 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fifth Third Bancorp were worth $10,388,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the business. Activest Wealth Management lifted its stake in shares of Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 626 shares during the last quarter. Banque Transatlantique SA bought a new stake in shares of Fifth Third Bancorp during the 1st quarter worth about $27,000. Larson Financial Group LLC raised its stake in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 357 shares in the last quarter. GoalVest Advisory LLC lifted its holdings in Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in Fifth Third Bancorp during the second quarter worth approximately $32,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.3%

Shares of FITB stock opened at $42.57 on Friday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a fifty day moving average price of $43.54 and a 200 day moving average price of $41.93. The stock has a market cap of $28.14 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98.

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

Fifth Third Bancorp Increases Dividend

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

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. Wolfe Research lifted their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. UBS Group increased their target price on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, October 7th. Finally, Stephens set a $52.00 price target on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.35.

Insider Buying and Selling

In related news, Director Evan Bayh acquired 3,000 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

About Fifth Third Bancorp

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.