Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by CVA Family Office LLC

CVA Family Office LLC lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 32.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,124 shares of the financial services provider’s stock after selling 535 shares during the quarter. CVA Family Office LLC’s holdings in Fifth Third Bancorp were worth $38,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Capital World Investors raised its stake in shares of Fifth Third Bancorp by 60.1% during the 1st quarter. Capital World Investors now owns 40,466,760 shares of the financial services provider’s stock worth $1,741,689,000 after buying an additional 15,195,534 shares during the last quarter. Norges Bank acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $251,003,000. Millennium Management LLC raised its stake in shares of Fifth Third Bancorp by 5,766.7% during the 4th quarter. Millennium Management LLC now owns 1,913,415 shares of the financial services provider’s stock worth $83,329,000 after buying an additional 1,880,800 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth $37,018,000. Finally, Panagora Asset Management Inc. raised its stake in shares of Fifth Third Bancorp by 4,025.2% during the 1st quarter. Panagora Asset Management Inc. now owns 861,992 shares of the financial services provider’s stock worth $37,100,000 after buying an additional 841,096 shares during the last quarter. Institutional investors and hedge funds own 81.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Barclays dropped their price objective on Fifth Third Bancorp from $57.00 to $53.00 and set an “overweight” rating for the company in a research report on Friday, July 22nd. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 price objective for the company in a research report on Friday, June 17th. The Goldman Sachs Group dropped their price objective on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating for the company in a research report on Tuesday, May 31st. Finally, Citigroup dropped their price objective on Fifth Third Bancorp from $44.00 to $37.00 in a research report on Tuesday, July 12th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.47.

Fifth Third Bancorp Stock Down 0.8 %

Shares of NASDAQ:FITB opened at $35.14 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.75 and a current ratio of 0.76. Fifth Third Bancorp has a 1 year low of $31.80 and a 1 year high of $50.64. The stock has a market capitalization of $24.11 billion, a P/E ratio of 10.59, a PEG ratio of 1.20 and a beta of 1.25. The stock has a 50-day simple moving average of $34.84 and a 200-day simple moving average of $37.52.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.11). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 29.09%. During the same period in the previous year, the firm posted $0.94 EPS. Equities analysts forecast that Fifth Third Bancorp will post 3.54 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.76%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.30. Fifth Third Bancorp’s payout ratio is presently 36.25%.

Insider Transactions at Fifth Third Bancorp

In related news, Director Mitchell Feiger sold 8,734 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $35.20, for a total transaction of $307,436.80. Following the transaction, the director now directly owns 11,030 shares of the company’s stock, valued at approximately $388,256. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.67% of the company’s stock.

About Fifth Third Bancorp

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Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and 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 business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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