Todd Asset Management LLC Sells 9,571 Shares of Fifth Third Bancorp $FITB

Todd Asset Management LLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,056,773 shares of the financial services provider’s stock after selling 9,571 shares during the period. Todd Asset Management LLC’s holdings in Fifth Third Bancorp were worth $47,079,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Evolution Wealth Management Inc. purchased a new position in Fifth Third Bancorp in the second quarter worth about $26,000. Westside Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 292 shares during the last quarter. United Community Bank boosted its holdings in shares of Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the period. GoalVest Advisory LLC increased its position in shares of Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 532 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at approximately $32,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Trading Down 0.6%

FITB opened at $52.86 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The stock’s fifty day moving average is $49.66 and its two-hundred day moving average is $45.63. The company has a market capitalization of $34.94 billion, a P/E ratio of 14.93, a PEG ratio of 1.07 and a beta of 0.98. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion for the quarter. Analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. Fifth Third Bancorp’s payout ratio is 45.20%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings lowered shares of Fifth Third Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday. Stephens upped their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. DA Davidson increased their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Evercore increased their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. Finally, TD Cowen reissued a “buy” rating and set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $56.58.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.