MidAtlantic Capital Management Inc. Takes $39,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 901 shares of the financial services provider’s stock, valued at approximately $39,000.

Several other hedge funds have also bought and sold shares of FITB. Kingsview Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp by 10.2% during the 1st quarter. Kingsview Wealth Management LLC now owns 9,693 shares of the financial services provider’s stock worth $361,000 after purchasing an additional 900 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $508,000. O Shaughnessy Asset Management LLC raised its position in shares of Fifth Third Bancorp by 35.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 60,382 shares of the financial services provider’s stock valued at $2,247,000 after purchasing an additional 15,838 shares during the last quarter. UniSuper Management Pty Ltd lifted its stake in shares of Fifth Third Bancorp by 1,040.4% during the first quarter. UniSuper Management Pty Ltd now owns 24,244 shares of the financial services provider’s stock worth $902,000 after buying an additional 22,118 shares during the period. Finally, Bessemer Group Inc. grew its stake in Fifth Third Bancorp by 237.4% during the 1st quarter. Bessemer Group Inc. now owns 54,093 shares of the financial services provider’s stock valued at $2,013,000 after purchasing an additional 38,061 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on FITB. Argus raised their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. 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 report on Monday, September 30th. Evercore ISI raised their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Bank of America lifted their target price on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $43.09.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 14.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the business’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 sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Trading Down 0.4 %

Shares of NASDAQ FITB opened at $46.82 on Tuesday. The firm has a 50 day moving average price of $43.72 and a two-hundred day moving average price of $40.48. 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 stock has a market cap of $31.39 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 2.25 and a beta of 1.21. Fifth Third Bancorp has a 52-week low of $26.89 and a 52-week high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS 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 company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.16%. 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 (DPR) is 49.17%.

Fifth Third Bancorp 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.