State of Alaska Department of Revenue Sells 770 Shares of Fifth Third Bancorp (NASDAQ:FITB)

State of Alaska Department of Revenue reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 82,890 shares of the financial services provider’s stock after selling 770 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fifth Third Bancorp were worth $3,550,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FITB. Capital World Investors grew its position in shares of Fifth Third Bancorp by 13.4% during the 1st quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock worth $1,733,847,000 after purchasing an additional 5,512,333 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $33,337,000. Millennium Management LLC boosted its position in shares of Fifth Third Bancorp by 896.7% during the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after acquiring an additional 583,781 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Fifth Third Bancorp by 37.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,629,456 shares of the financial services provider’s stock worth $60,632,000 after acquiring an additional 442,121 shares in the last quarter. Finally, Employees Retirement System of Texas boosted its position in shares of Fifth Third Bancorp by 38.7% during the 2nd quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock worth $52,323,000 after acquiring an additional 399,900 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Bank of America raised their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Jefferies Financial Group raised their target price on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Evercore ISI raised their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $42.28.

Fifth Third Bancorp Price Performance

FITB stock opened at $44.08 on Thursday. The firm has a market cap of $29.83 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 2.09 and a beta of 1.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. Fifth Third Bancorp has a 12-month low of $23.17 and a 12-month high of $45.71. The company’s fifty day simple moving average is $42.73 and its 200 day simple moving average is $39.57.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 EPS. On average, analysts expect that Fifth Third Bancorp will post 3.33 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.37 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.36%. Fifth Third Bancorp’s payout ratio is presently 49.17%.

About Fifth Third Bancorp

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.