Fifth Third Bancorp (NASDAQ:FITB) Holdings Cut by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 101,858 shares of the financial services provider’s stock after selling 4,027 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Fifth Third Bancorp were worth $3,717,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Pinnacle Associates Ltd. bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $207,000. Ballentine Partners LLC bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $473,000. Camelot Portfolios LLC bought a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $204,000. Arizona State Retirement System increased its holdings in Fifth Third Bancorp by 0.8% in the fourth quarter. Arizona State Retirement System now owns 187,135 shares of the financial services provider’s stock valued at $6,454,000 after purchasing an additional 1,422 shares during the last quarter. Finally, Private Trust Co. NA raised its position in shares of Fifth Third Bancorp by 26.9% in the 4th quarter. Private Trust Co. NA now owns 2,643 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 560 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of FITB traded down $0.32 during midday trading on Monday, hitting $39.23. The company’s stock had a trading volume of 6,591,792 shares, compared to its average volume of 4,902,613. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a one year low of $22.49 and a one year high of $42.91. The stock has a market capitalization of $26.84 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company’s fifty day simple moving average is $37.77 and its two-hundred day simple moving average is $36.42.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period in the previous year, the firm posted $0.87 EPS. As a group, equities analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Friday, June 28th. Fifth Third Bancorp’s payout ratio is presently 44.44%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Kevin P. Lavender sold 20,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now directly owns 20,961 shares in the company, valued at $863,802.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,500 shares of company stock worth $1,429,920. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FITB shares. Stephens reiterated an “equal weight” rating and set a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Argus raised their price target on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Evercore ISI lowered their price objective on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $40.56.

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.