Wealthfront Advisers LLC Sells 79,503 Shares of Fifth Third Bancorp $FITB

Wealthfront Advisers LLC reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 28.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 199,705 shares of the financial services provider’s stock after selling 79,503 shares during the quarter. Wealthfront Advisers LLC’s holdings in Fifth Third Bancorp were worth $8,214,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. New Hampshire Trust grew its position in shares of Fifth Third Bancorp by 7.6% in the 2nd quarter. New Hampshire Trust now owns 10,342 shares of the financial services provider’s stock worth $425,000 after buying an additional 727 shares during the last quarter. AG2R LA Mondiale Gestion D Actifs grew its position in shares of Fifth Third Bancorp by 17.2% in the 2nd quarter. AG2R LA Mondiale Gestion D Actifs now owns 32,090 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 4,707 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Fifth Third Bancorp by 2.9% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,520,357 shares of the financial services provider’s stock worth $62,532,000 after buying an additional 42,625 shares during the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $56,000. Finally, Asset Management One Co. Ltd. grew its position in shares of Fifth Third Bancorp by 2.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 283,119 shares of the financial services provider’s stock worth $11,645,000 after buying an additional 6,982 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Down 0.4%

Shares of NASDAQ:FITB opened at $42.45 on Tuesday. The stock has a fifty day simple moving average of $44.24 and a two-hundred day simple moving average of $41.18. The stock has a market capitalization of $28.10 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.16 and a beta of 0.95. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the previous year, the business earned $0.78 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

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

Analysts Set New Price Targets

FITB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, October 7th. DA Davidson raised their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. TD Cowen raised their target price on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Truist Financial raised their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.45.

About Fifth Third Bancorp

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.