Wealth Dimensions Group Ltd. Sells 1,352 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Wealth Dimensions Group Ltd. cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 1.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 69,862 shares of the financial services provider’s stock after selling 1,352 shares during the quarter. Fifth Third Bancorp makes up approximately 0.8% of Wealth Dimensions Group Ltd.’s investment portfolio, making the stock its 20th largest holding. Wealth Dimensions Group Ltd.’s holdings in Fifth Third Bancorp were worth $2,993,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jupiter Asset Management Ltd. acquired a new position in Fifth Third Bancorp during the 2nd quarter valued at about $33,337,000. Charles Schwab Investment Management Inc. grew its stake in shares of Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Fifth Third Bancorp by 896.7% during the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares in the last quarter. Employees Retirement System of Texas raised its position in shares of Fifth Third Bancorp by 38.7% in the 2nd quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after purchasing an additional 399,900 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after purchasing an additional 399,827 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on FITB. Barclays raised their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Wells Fargo & Company raised their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley lifted their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Evercore ISI increased their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Finally, Citigroup lifted their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $43.62.

Fifth Third Bancorp Trading Up 1.7 %

Shares of Fifth Third Bancorp stock opened at $47.90 on Friday. Fifth Third Bancorp has a fifty-two week low of $26.89 and a fifty-two week high of $48.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $32.12 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21. The firm has a 50-day simple moving average of $44.17 and a two-hundred day simple moving average of $40.71.

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

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. This represents a 14.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

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.