Fifth Third Bancorp $FITB Shares Sold by Trillium Asset Management LLC

Trillium Asset Management LLC reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 378,832 shares of the financial services provider’s stock after selling 12,041 shares during the period. Trillium Asset Management LLC’s holdings in Fifth Third Bancorp were worth $19,162,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Security National Bank of SO Dak bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at $25,000. Essential Investment Partners LLC acquired a new position in Fifth Third Bancorp during the third quarter worth $25,000. Clearstead Trust LLC bought a new position in shares of Fifth Third Bancorp in the second quarter valued at $29,000. TD Waterhouse Canada Inc. lifted its stake in shares of Fifth Third Bancorp by 175.4% in the third quarter. TD Waterhouse Canada Inc. now owns 738 shares of the financial services provider’s stock valued at $37,000 after buying an additional 470 shares in the last quarter. Finally, William Mack & Associates Inc. bought a new position in shares of Fifth Third Bancorp in the third quarter valued at $38,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.1%

FITB stock traded up $0.61 during trading on Friday, reaching $54.51. The stock had a trading volume of 3,893,844 shares, compared to its average volume of 8,169,751. Fifth Third Bancorp has a one year low of $40.68 and a one year high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $52.67 and its two-hundred day moving average is $52.23. The company has a market capitalization of $49.26 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. During the same quarter last year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 42.4% on a year-over-year basis. Equities research analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $0.42 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 57.53%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president directly owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of several analyst reports. Truist Financial lowered their price objective on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Wolfe Research started coverage on Fifth Third Bancorp in a research report on Tuesday, October 27th. They issued an “outperform” rating for the company. Jefferies Financial Group lowered their price target on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Finally, TD Cowen began coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They set a “buy” rating and a $60.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.87.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.