Carret Asset Management LLC Has $1.99 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Carret Asset Management LLC lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.2% during the second quarter, HoldingsChannel reports. The firm owned 54,525 shares of the financial services provider’s stock after selling 1,253 shares during the quarter. Carret Asset Management LLC’s holdings in Fifth Third Bancorp were worth $1,990,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Morningstar Investment Management LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $2,257,000. Bank of Nova Scotia raised its position in Fifth Third Bancorp by 31.6% during the 4th quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after purchasing an additional 21,251 shares during the last quarter. Park National Corp OH raised its position in Fifth Third Bancorp by 15.0% during the 2nd quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after purchasing an additional 5,411 shares during the last quarter. rhino investment partners Inc raised its position in Fifth Third Bancorp by 20.1% during the 4th quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after purchasing an additional 217,956 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Fifth Third Bancorp by 8.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after purchasing an additional 21,612 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $0.50 during mid-day trading on Monday, hitting $42.69. 3,351,700 shares of the stock were exchanged, compared to its average volume of 4,721,376. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $42.91. The company has a 50-day simple moving average of $39.54 and a 200 day simple moving average of $37.34. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $29.20 billion, a P/E ratio of 13.55, a P/E/G ratio of 2.01 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate 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 last year, the firm posted $0.87 EPS. Sell-side analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.35 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.28%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 44.44%.

Insider Buying and Selling

In related news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp 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 sale, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Morgan Stanley increased their price target on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Evercore ISI decreased their price target on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. Finally, Argus increased their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.