ProShare Advisors LLC Trims Stock Position in Fifth Third Bancorp $FITB

ProShare Advisors LLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 160,210 shares of the financial services provider’s stock after selling 10,526 shares during the quarter. ProShare Advisors LLC’s holdings in Fifth Third Bancorp were worth $6,589,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FITB. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after acquiring an additional 1,321,554 shares in the last quarter. Invesco Ltd. increased its position in Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares in the last quarter. Nuveen LLC acquired a new position in Fifth Third Bancorp in the 1st quarter valued at about $334,805,000. Allspring Global Investments Holdings LLC lifted its holdings in Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after purchasing an additional 654,746 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Fifth Third Bancorp by 4.5% during the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock worth $255,196,000 after purchasing an additional 279,669 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the transaction, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Trading Down 1.8%

FITB stock opened at $42.44 on Friday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a market cap of $28.05 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.14 and a beta of 0.98. 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 business has a fifty day simple moving average of $43.60 and a 200-day simple moving average of $41.84.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, equities 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. Investors of record on Tuesday, September 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.8%. Fifth Third Bancorp’s payout ratio is 47.76%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of analyst reports. Cowen reissued a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, October 7th. TD Cowen increased their price target on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Finally, Janney Montgomery Scott increased their target price on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.35.

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.