Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Infrastructure Capital Advisors LLC

Infrastructure Capital Advisors LLC decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 15.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,696 shares of the financial services provider’s stock after selling 2,304 shares during the quarter. Infrastructure Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $544,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FITB shares. Citigroup boosted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Morgan Stanley boosted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $43.62.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $48.16 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The company has a market cap of $32.29 billion, a P/E ratio of 16.00, a P/E/G ratio of 2.30 and a beta of 1.21. Fifth Third Bancorp has a fifty-two week low of $26.89 and a fifty-two week high of $49.07. The firm’s 50 day moving average is $44.61 and its two-hundred day moving average is $40.97.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company 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% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 EPS. Analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend 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 currently 49.17%.

About Fifth Third Bancorp

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.