Pitcairn Co. Sells 1,005 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Pitcairn Co. cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 8.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,761 shares of the financial services provider’s stock after selling 1,005 shares during the quarter. Pitcairn Co.’s holdings in Fifth Third Bancorp were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Park National Corp OH boosted its stake in Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 5,411 shares during the period. QRG Capital Management Inc. boosted its position in shares of Fifth Third Bancorp by 15.1% during the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after acquiring an additional 9,444 shares during the last quarter. M&G Plc purchased a new position in shares of Fifth Third Bancorp during the second quarter worth about $1,254,000. Plato Investment Management Ltd bought a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $639,000. Finally, BDF Gestion purchased a new stake in Fifth Third Bancorp in the second quarter valued at approximately $3,837,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock opened at $48.25 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm’s 50-day moving average price is $44.41 and its two-hundred day moving average price is $40.86. The stock has a market capitalization of $32.35 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.29 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $26.89 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the company earned $0.92 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.37 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Morgan Stanley lifted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Citigroup increased their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $43.62.

Insiders Place Their Bets

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.