Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by L2 Asset Management LLC

L2 Asset Management LLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 28.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,726 shares of the financial services provider’s stock after selling 9,726 shares during the quarter. L2 Asset Management LLC’s holdings in Fifth Third Bancorp were worth $659,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banque Cantonale Vaudoise raised its position in Fifth Third Bancorp by 8.2% in the first quarter. Banque Cantonale Vaudoise now owns 10,523 shares of the financial services provider’s stock worth $280,000 after acquiring an additional 800 shares in the last quarter. CI Investments Inc. raised its position in Fifth Third Bancorp by 109.8% in the fourth quarter. CI Investments Inc. now owns 1,920 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,005 shares in the last quarter. Fund Management at Engine No. 1 LLC raised its position in Fifth Third Bancorp by 14.6% in the fourth quarter. Fund Management at Engine No. 1 LLC now owns 7,559 shares of the financial services provider’s stock worth $248,000 after acquiring an additional 964 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter worth about $719,000. Finally, Pinnacle Wealth Planning Services Inc. raised its holdings in Fifth Third Bancorp by 29.5% during the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 8,777 shares of the financial services provider’s stock worth $288,000 after buying an additional 2,002 shares during the period. 77.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FITB has been the topic of several recent analyst reports. Wedbush boosted their price objective on Fifth Third Bancorp from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, July 21st. DA Davidson boosted their price objective on Fifth Third Bancorp from $28.00 to $29.00 in a report on Friday, July 21st. The Goldman Sachs Group boosted their price objective on Fifth Third Bancorp from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Citigroup boosted their price objective on Fifth Third Bancorp from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Sunday, July 23rd. Finally, Stephens restated an “overweight” rating and set a $31.00 price objective on shares of Fifth Third Bancorp in a report on Friday, July 21st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.50.

Fifth Third Bancorp Stock Up 1.9 %

Shares of NASDAQ FITB traded up $0.50 during trading hours on Friday, hitting $27.05. The stock had a trading volume of 5,152,555 shares, compared to its average volume of 7,192,651. The company has a market capitalization of $18.42 billion, a P/E ratio of 7.68, a P/E/G ratio of 0.94 and a beta of 1.20. The firm’s 50-day moving average price is $27.10 and its two-hundred day moving average price is $27.49. Fifth Third Bancorp has a 52 week low of $22.11 and a 52 week high of $38.06. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 0.79.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.82 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fifth Third Bancorp had a net margin of 22.66% and a return on equity of 16.92%. During the same period in the previous year, the firm posted $0.79 EPS. Analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.33 per share. The ex-dividend date was Thursday, June 29th. This represents a $1.32 dividend on an annualized basis and a yield of 4.88%. Fifth Third Bancorp’s payout ratio is currently 37.50%.

Fifth Third Bancorp Company Profile

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 Asset Management. 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.