Insider Selling: Fifth Third Bancorp (NASDAQ:FITB) EVP Sells $1,062,800.00 in Stock

Fifth Third Bancorp (NASDAQ:FITB) EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, October 26th. The shares were sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares in the company, valued at $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Fifth Third Bancorp Trading Down 0.1%

Fifth Third Bancorp stock traded down $0.05 during trading hours on Wednesday, reaching $53.54. 6,645,352 shares of the company’s stock traded hands, compared to its average volume of 8,315,958. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50. The firm has a market capitalization of $48.55 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 1.09 and a beta of 0.97. The firm’s 50 day moving average is $52.85 and its 200-day moving average is $51.95.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same quarter last year, the firm earned $0.91 EPS. The company’s revenue for the quarter was up 42.4% on a year-over-year basis. On average, analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is 57.53%.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Security National Bank of SO Dak bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $25,000. Essential Investment Partners LLC bought a new position in Fifth Third Bancorp during the third quarter worth about $25,000. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp in the second quarter valued at about $29,000. Center for Financial Planning Inc. bought a new stake in shares of Fifth Third Bancorp in the first quarter worth about $25,000. Finally, SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. UBS Group decreased their price objective on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Bank of America increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Royal Bank Of Canada reduced their target price on Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, October 20th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Stephens decreased their target price on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $60.77.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.