Thrivent Financial for Lutherans Acquires 5,682 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Thrivent Financial for Lutherans grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 10.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,117 shares of the financial services provider’s stock after acquiring an additional 5,682 shares during the period. Thrivent Financial for Lutherans’ holdings in Fifth Third Bancorp were worth $2,661,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. SVB Wealth LLC lifted its position in Fifth Third Bancorp by 3.8% during the first quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares in the last quarter. Dynasty Wealth Management LLC purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $265,000. California State Teachers Retirement System raised its stake in Fifth Third Bancorp by 1.4% during the 1st quarter. California State Teachers Retirement System now owns 1,107,447 shares of the financial services provider’s stock worth $41,208,000 after acquiring an additional 15,100 shares during the period. Hancock Whitney Corp lifted its holdings in Fifth Third Bancorp by 2.1% during the first quarter. Hancock Whitney Corp now owns 37,897 shares of the financial services provider’s stock valued at $1,410,000 after purchasing an additional 795 shares in the last quarter. Finally, LBP AM SA bought a new position in shares of Fifth Third Bancorp in the first quarter worth approximately $4,688,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 0.4 %

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

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

Fifth Third Bancorp Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FITB. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Barclays upped their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Citigroup upped their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.62.

Insiders Place Their Bets

In other Fifth Third Bancorp news, 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 value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $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 available at this hyperlink. Insiders own 0.50% of the company’s stock.

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.