Fifth Third Bancorp $FITB Stock Sold by Community Trust & Investment Co.

Community Trust & Investment Co. decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 90.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,274 shares of the financial services provider’s stock after selling 68,208 shares during the period. Community Trust & Investment Co.’s holdings in Fifth Third Bancorp were worth $368,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Invesco Ltd. boosted its stake in shares of Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after buying an additional 2,574,712 shares during the period. Wellington Management Group LLP grew its holdings in shares of Fifth Third Bancorp by 20.2% during 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 in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $1,324,903,000. Bank of America Corp DE acquired a new position in shares of Fifth Third Bancorp in the second quarter worth $995,717,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Fifth Third Bancorp by 30.8% in the first quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock worth $507,151,000 after acquiring an additional 2,569,479 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.5%

Fifth Third Bancorp stock opened at $50.38 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $45.69 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company’s fifty day moving average price is $53.62 and its two-hundred day moving average price is $52.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business earned $0.88 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 45.8% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s payout ratio is currently 57.34%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FITB. Royal Bank Of Canada increased their price objective on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They issued a “buy” rating and a $60.00 target price on the stock. Bank of America boosted 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. Stephens dropped their target price on Fifth Third Bancorp from $63.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 22nd. Finally, Citigroup raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $59.00 to $62.00 in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $60.92.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.