Vontobel Holding Ltd. Sells 14,690 Shares of Fifth Third Bancorp $FITB

Vontobel Holding Ltd. lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 9.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,642 shares of the financial services provider’s stock after selling 14,690 shares during the period. Vontobel Holding Ltd.’s holdings in Fifth Third Bancorp were worth $6,911,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FITB. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp in the second quarter worth $1,324,903,000. Bank of America Corp DE bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $995,717,000. Legal & General Group Plc bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $314,122,000. Wellington Management Group LLP grew its stake in Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $145,232,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $50.44 on Friday. Fifth Third Bancorp has a 12 month low of $40.65 and a 12 month high of $59.50. The company has a market cap of $45.74 billion, a P/E ratio of 16.92, a P/E/G ratio of 1.09 and a beta of 0.97. The business’s 50 day moving average is $53.49 and its two-hundred day moving average is $52.89. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 57.34%.

Analysts Set New Price Targets

Several brokerages recently commented on FITB. Morgan Stanley lifted their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a report on Thursday, October 8th. They set a “buy” rating and a $60.00 price target for the company. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a report on Monday, July 6th. Stephens lowered their price target on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 22nd. Finally, Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $60.92.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.