Fifth Third Bancorp (FITB) Holdings Reduced by Olstein Capital Management L.P.
Olstein Capital Management L.P. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 24.2% in the 4th quarter, Holdings Channel reports. The firm owned 172,000 shares of the financial services provider’s stock after selling 55,000 shares during the period. Olstein Capital Management L.P.’s holdings in Fifth Third Bancorp were worth $5,218,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Horan Capital Advisors LLC. bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $102,000. Valeo Financial Advisors LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth about $119,000. Harvest Fund Management Co. Ltd bought a new position in Fifth Third Bancorp in the 4th quarter worth about $148,000. SeaCrest Wealth Management LLC bought a new position in Fifth Third Bancorp in the 4th quarter worth about $162,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Fifth Third Bancorp by 268.9% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 6,456 shares of the financial services provider’s stock valued at $196,000 after acquiring an additional 4,706 shares in the last quarter. Hedge funds and other institutional investors own 84.41% of the company’s stock.
Shares of Fifth Third Bancorp (FITB) opened at $32.39 on Wednesday. Fifth Third Bancorp has a one year low of $23.20 and a one year high of $33.91. The company has a market cap of $22,850.00, a P/E ratio of 11.36, a P/E/G ratio of 2.11 and a beta of 1.36. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.99.
The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were given a $0.16 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.98%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 22.46%.
Several research firms have recently issued reports on FITB. BidaskClub upgraded shares of Fifth Third Bancorp from a “buy” rating to a “strong-buy” rating in a report on Friday, February 2nd. Vining Sparks reiterated a “buy” rating and issued a $35.00 price objective on shares of Fifth Third Bancorp in a report on Sunday, January 28th. Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $35.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, January 24th. Finally, Bank of America increased their price objective on shares of Fifth Third Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $30.70.
In related news, SVP Mark D. Hazel sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $32.81, for a total value of $246,075.00. Following the completion of the sale, the senior vice president now owns 62,254 shares in the company, valued at approximately $2,042,553.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Frank R. Forrest sold 4,836 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $31.90, for a total transaction of $154,268.40. Following the completion of the sale, the executive vice president now owns 112,474 shares of the company’s stock, valued at approximately $3,587,920.60. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.
About Fifth Third Bancorp
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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