Mesirow Financial Investment Management Inc. cut its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 13.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 400,767 shares of the financial services provider’s stock after selling 62,428 shares during the period. Mesirow Financial Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $20,271,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the business. Keybank National Association OH raised its stake in Fifth Third Bancorp by 11.7% during the 3rd quarter. Keybank National Association OH now owns 94,206 shares of the financial services provider’s stock valued at $4,765,000 after purchasing an additional 9,893 shares during the last quarter. 71 West Capital Partners lifted its holdings in shares of Fifth Third Bancorp by 3.7% during the 3rd quarter. 71 West Capital Partners now owns 11,706 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 423 shares during the period. Vestor Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 181,769.7% during the 3rd quarter. Vestor Capital LLC now owns 281,898 shares of the financial services provider’s stock worth $14,258,000 after acquiring an additional 281,743 shares during the period. AlphaCore Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 87.2% during the 3rd quarter. AlphaCore Capital LLC now owns 32,865 shares of the financial services provider’s stock worth $1,667,000 after acquiring an additional 15,313 shares during the period. Finally, Fulcrum Asset Management LLP acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at about $1,855,000. 83.79% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Fifth Third Bancorp
In related news, EVP Jude Schramm sold 20,000 shares of the firm’s 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 directly owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. DA Davidson raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Stephens dropped their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 21st. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research report on Wednesday, July 22nd. Evercore upgraded shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Wednesday, October 21st. Finally, Truist Financial decreased their price target on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $60.87.
View Our Latest Analysis on Fifth Third Bancorp
Fifth Third Bancorp Stock Down 0.3%
Shares of NASDAQ:FITB opened at $54.21 on Wednesday. Fifth Third Bancorp has a 52 week low of $40.68 and a 52 week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $48.99 billion, a PE ratio of 18.19, a PEG ratio of 1.09 and a beta of 0.98. The company has a 50 day moving average price of $52.66 and a two-hundred day moving average price of $52.18.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. During the same period in the prior year, the business earned $0.91 EPS. Fifth Third Bancorp’s revenue for the quarter was up 42.4% compared to the same quarter last year. Analysts forecast 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. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.
Fifth Third Bancorp Company 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.
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