HBK Sorce Advisory LLC Trims Stake in Fifth Third Bancorp $FITB

HBK Sorce Advisory LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 6.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,816 shares of the financial services provider’s stock after selling 2,410 shares during the period. HBK Sorce Advisory LLC’s holdings in Fifth Third Bancorp were worth $1,473,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Arkadios Wealth Advisors grew its position in shares of Fifth Third Bancorp by 12.9% during the 2nd quarter. Arkadios Wealth Advisors now owns 9,505 shares of the financial services provider’s stock valued at $391,000 after purchasing an additional 1,086 shares in the last quarter. PCA Investment Advisory Services Inc. purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $667,000. Austin Private Wealth LLC grew its position in shares of Fifth Third Bancorp by 11.3% during the 2nd quarter. Austin Private Wealth LLC now owns 7,886 shares of the financial services provider’s stock valued at $324,000 after purchasing an additional 799 shares in the last quarter. New York Life Investment Management LLC grew its position in shares of Fifth Third Bancorp by 0.8% during the 2nd quarter. New York Life Investment Management LLC now owns 99,736 shares of the financial services provider’s stock valued at $4,102,000 after purchasing an additional 817 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Fifth Third Bancorp by 12.9% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 125,144 shares of the financial services provider’s stock valued at $5,147,000 after purchasing an additional 14,300 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Evan Bayh acquired 3,000 shares of the stock in a transaction dated Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FITB shares. Robert W. Baird boosted their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Thursday, October 2nd. Evercore ISI upped their target price on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. UBS Group upped their target price on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. DA Davidson upped their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Finally, Stephens set a $52.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $41.95 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $27.77 billion, a PE ratio of 12.52, a P/E/G ratio of 1.14 and a beta of 0.95. The firm has a fifty day simple moving average of $44.19 and a two-hundred day simple moving average of $41.30. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. Research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 47.76%.

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.