Wealth Dimensions Group Ltd. Reduces Stock Position in Fifth Third Bancorp $FITB

Wealth Dimensions Group Ltd. cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 40.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,970 shares of the financial services provider’s stock after selling 28,237 shares during the period. Wealth Dimensions Group Ltd.’s holdings in Fifth Third Bancorp were worth $1,825,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Evolution Wealth Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $26,000. Activest Wealth Management increased its stake in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 626 shares during the last quarter. GoalVest Advisory LLC raised its holdings in Fifth Third Bancorp by 246.3% during the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $32,000. Finally, BankPlus Trust Department boosted its holdings in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after buying an additional 290 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 3.7%

Fifth Third Bancorp stock opened at $50.89 on Friday. The stock has a 50 day moving average of $46.67 and a two-hundred day moving average of $44.55. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $53.33. The stock has a market capitalization of $33.64 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.13 and a beta of 0.97. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.08. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the company earned $0.85 earnings per share. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is 45.20%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FITB shares. The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday. Citigroup reissued a “neutral” rating on shares of Fifth Third Bancorp in a research report on Friday. Janney Montgomery Scott lifted their price target on Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research report on Wednesday. Finally, UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Tuesday, January 6th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.06.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.