15,396 Fifth Third Bancorp $FITB Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 2.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 672,460 shares of the financial services provider’s stock after selling 15,396 shares during the period. King Luther Capital Management Corp’s holdings in Fifth Third Bancorp were worth $34,013,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FITB. Bank of New York Mellon Corp acquired a new position in Fifth Third Bancorp during the second quarter worth about $1,324,903,000. Bank of America Corp DE bought a new stake in Fifth Third Bancorp in the second quarter worth about $995,717,000. Legal & General Group Plc acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $314,122,000. Wellington Management Group LLP lifted its holdings in Fifth Third Bancorp by 20.2% in the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after acquiring an additional 3,972,795 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $145,232,000. Institutional investors own 83.79% of the company’s stock.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $54.41 on Thursday. The stock’s 50-day moving average price is $52.69 and its two-hundred day moving average price is $52.19. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $49.16 billion, a PE ratio of 18.26, a PEG ratio of 1.09 and a beta of 0.98. Fifth Third Bancorp has a 1 year low of $40.68 and a 1 year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.34 billion. During the same period in the prior year, the firm earned $0.91 earnings per share. The business’s quarterly revenue was up 42.4% on a year-over-year basis. On average, analysts predict that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.53%.

Analyst Ratings Changes

FITB has been the subject of several research reports. Evercore upgraded shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Wednesday, October 21st. Stephens dropped their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. JPMorgan Chase & Co. boosted their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $60.87.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.