Trust Co. of Toledo NA OH trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 32.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,189 shares of the financial services provider’s stock after selling 21,135 shares during the period. Trust Co. of Toledo NA OH’s holdings in Fifth Third Bancorp were worth $1,655,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in FITB. Red Spruce Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 10.0% in the first quarter. Red Spruce Capital LLC now owns 57,058 shares of the financial services provider’s stock worth $2,137,000 after acquiring an additional 5,182 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $1,627,000. Legacy Wealth Asset Management LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $330,000. Front Barnett Associates LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $224,000. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Fifth Third Bancorp by 54.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 175,313 shares of the financial services provider’s stock worth $4,744,000 after acquiring an additional 61,745 shares during the last quarter. Hedge funds and other institutional investors own 79.19% of the company’s stock.
In other news, Director Jewell D. Hoover sold 12,118 shares of the firm’s stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $37.35, for a total transaction of $452,607.30. Also, EVP Robert P. Shaffer sold 8,900 shares of Fifth Third Bancorp stock in a transaction on Friday, January 29th. The shares were sold at an average price of $28.96, for a total transaction of $257,744.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,936 shares of company stock valued at $3,779,352. Insiders own 0.52% of the company’s stock.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Wednesday, January 20th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.69 by $0.14. The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.92 billion. Fifth Third Bancorp had a net margin of 17.50% and a return on equity of 7.52%. During the same quarter last year, the firm posted $0.68 EPS. As a group, analysts forecast that Fifth Third Bancorp will post 1.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Tuesday, March 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 38.99%.
A number of research analysts have recently commented on FITB shares. Argus increased their target price on shares of Fifth Third Bancorp from $27.00 to $35.00 in a report on Wednesday, January 27th. The Goldman Sachs Group raised shares of Fifth Third Bancorp from a “buy” rating to a “conviction-buy” rating in a report on Friday, March 5th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $28.00 to $36.00 and gave the company an “equal weight” rating in a report on Thursday, April 1st. Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, March 24th. Finally, Wolfe Research raised their price objective on shares of Fifth Third Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, March 25th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Fifth Third Bancorp currently has an average rating of “Buy” and an average price target of $33.67.
Fifth Third Bancorp Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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