Redmont Wealth Advisors LLC cut its position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) stock by 48.3% in the first quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The company held 8,466 shares in the financial services provider after selling 7,894 shares during the quarter. Redmont Wealth Advisors LLC’s Fifth Third Bancorp holding was worth $226,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares in the company. Fairfield Bush & Colorado increased its stake in Fifth Third Bancorp by 1.4% in the first quarter. Fairfield Bush & Colorado purchased an additional 502 shares during the period and now owns 36,482 shares of the financial services provider, valued at $1,570,000. Aviva PLC increased his stake in Fifth Third Bancorp shares by 22.0% in the first quarter. Aviva PLC now owns 255,764 shares in the financial services provider worth $11,008,000 after purchasing an additional 46,064 shares during the period. Prudential PLC purchased a new position in Fifth Third Bancorp in the first quarter for approximately $754,000. Cetera Investment Advisors increased its holding in Fifth Third Bancorp by 13.0% in the first quarter. Cetera Investment Advisers purchased an additional 6,341 of his shares during the period, and he now owns 54,958 shares of the financial services provider, valued at $2,365,000. Finally, Candolium Luxembourg SCA increased its stake in Fifth Third Bancorp by 60.8% in the first quarter. Candiam Luxembourg SCA now owns 121,378 shares valued at $5,224,000 in the financial services provider after purchasing an additional 45,910 shares during the period. Currently 77.14% of the shares are owned by hedge funds and other institutional investors.
Fifth Third Bancorp stock performance
FITB rose $0.55 to $26.76 in trading on Tuesday. 2,272,673 shares were exchanged compared to an average turnover of 5,479,201 shares. The company has a market cap of $18.22 billion, a 7.73x earnings ratio, a 0.95x PEG ratio, and a 1.18x beta. Fifth Third Bancorp hit a one-year low of $22.11 and a one-year high of $38.06. The stock has a 50-day moving average price of $25.52 and a 200-day moving average price of $29.73. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt to equity ratio of 0.79.
Fifth Third Bancorp (NASDAQ:FITB – Free Report) last reported earnings on Thursday, April 20th. The financial services provider reported earnings per share of $0.78 for the quarter, below consensus expectations of $0.79 ($0.01). Fifth Third Bancorp’s net margin was 24.39% and return on equity was 16.28%. The company had revenue of $2.91 billion for the quarter, up from $2.22 billion expected by analysts. Earnings per share for the business in the same period last year were $0.69. Sell-side analysts expect the group as a whole to post earnings per share of $3.34 this year for Fifth Third Bancorp.
Notice of Bancorp Dividends for the 3rd Term of the 5th Term
The company also recently announced a quarterly dividend payable on Monday, July 17th. Shareholders of record on Friday, June 30 will be paid his $0.33 dividend. The ex-dividend date is Thursday, June 29. This equates to an annual dividend of $1.32 and a dividend yield of 4.93%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently at 38.15%.
Insider Trading at Fifth Third Bancorp
In related news, Director Evan Bye purchased 5,000 shares of the stock in the Wednesday May 3rd deal. Shares were bought at an average of $24.82 per share for him, bringing the total deal value to him $124,100.00. Post-acquisition, the directors now own 73,700 shares of the company, valued at approximately $1,829,234. The acquisition was disclosed in a legal filing with the SEC, which can be accessed on his website. Insiders own 0.66% of the company’s shares.
Wall Street analyst speaks out
FITB has been the subject of several recent research reports. In a research note on Friday, April 21, Royal Bank of Canada reiterated its ‘outperform’ rating and set a price target of $36.00 on Fifth Third Bancorp shares. UBS Group raised its price target on Fifth Third Bancorp from $29.00 to $31.00 in a research report on Sunday, April 23. Keefe, Bruyette & Woods raised Fifth Third Bancorp’s rating from ‘Market Performing’ to ‘Outperforming’ in a research report on Wednesday, April 5, with a price target of $38.00 to $34.00. lowered to Citigroup cut its price target on Fifth Third Bancorp from $40.00 to $30.00 in a research report on Monday, April 24. Finally, 92 Resources reissued its rating on Fifth Third Bancorp’s stock as ‘maintain’ in its research report on Thursday, June 15th. One research analyst gave the stock a sell rating, five held it, and seven bought it. Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $33.75, based on MarketBeat data.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Wealth Management. The Company’s Commercial Banking Division provides credit brokerage, cash management and financial services. Lending and deposit products. It offers 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 corporate, government, and professional clients.
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