Fifth Third Bancorp $FITB Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 24.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,075 shares of the financial services provider’s stock after selling 16,819 shares during the period. First Citizens Bank & Trust Co.’s holdings in Fifth Third Bancorp were worth $2,183,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Allianz Asset Management GmbH grew its stake in shares of Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock worth $11,450,000 after purchasing an additional 16,000 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Fifth Third Bancorp by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after purchasing an additional 12,905 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its stake in shares of Fifth Third Bancorp by 49.5% in 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 purchasing an additional 15,692 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Fifth Third Bancorp by 1,448.6% in 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 purchasing an additional 91,754 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Fifth Third Bancorp by 12.5% in the first 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 period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. Evercore ISI lifted their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 7th. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $42.07 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $27.85 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.13 and a beta of 0.95. The company has a 50 day moving average price of $44.25 and a two-hundred day moving average price of $40.98. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the firm posted $0.78 earnings per share. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. As a group, equities analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $0.40 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is 47.76%.

Fifth Third Bancorp 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.