Transcend Capital Advisors LLC Decreases Position in Fifth Third Bancorp $FITB

Transcend Capital Advisors LLC lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 12,700 shares of the financial services provider’s stock after selling 277 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $522,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Banque Transatlantique SA purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $27,000. Activest Wealth Management raised its stake in Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 626 shares during the last quarter. Larson Financial Group LLC raised its stake in Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 357 shares during the last quarter. GoalVest Advisory LLC raised its stake in Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 532 shares during the last quarter. Finally, BankPlus Trust Department raised its stake in Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FITB. Citigroup raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. DA Davidson raised their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. TD Cowen raised their target price on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Finally, The Goldman Sachs Group increased their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $42.28 on Wednesday. The business’s 50-day moving average is $44.23 and its two-hundred day moving average is $41.24. The company has a market capitalization of $27.98 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.15 and a beta of 0.95. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the firm earned $0.78 EPS. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of the stock in a transaction on Monday, October 20th. The shares were bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.53% 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.