Trust Co. of Toledo NA OH Purchases 3,596 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Trust Co. of Toledo NA OH increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.5% during the third quarter, HoldingsChannel.com reports. The fund owned 51,747 shares of the financial services provider’s stock after acquiring an additional 3,596 shares during the period. Trust Co. of Toledo NA OH’s holdings in Fifth Third Bancorp were worth $2,217,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Heritage Wealth Management Inc. bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $593,000. Sanctuary Advisors LLC purchased a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $3,857,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $79,000. KPP Advisory Services LLC raised its position in shares of Fifth Third Bancorp by 46.9% during the 2nd quarter. KPP Advisory Services LLC now owns 15,654 shares of the financial services provider’s stock valued at $571,000 after buying an additional 5,000 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Fifth Third Bancorp by 14.3% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 755,200 shares of the financial services provider’s stock worth $27,557,000 after purchasing an additional 94,369 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.3 %

Shares of FITB stock opened at $41.98 on Thursday. The company has a 50 day simple moving average of $41.48 and a two-hundred day simple moving average of $38.51. The stock has a market cap of $28.72 billion, a P/E ratio of 13.33, a P/E/G ratio of 2.03 and a beta of 1.22. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $43.85. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter last year, the firm posted $0.87 earnings per share. On average, research analysts expect that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is 46.98%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FITB. Royal Bank of Canada raised their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Argus boosted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Morgan Stanley lifted their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Bank of America increased their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus price target of $41.78.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,500 shares of company stock valued at $2,269,920. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Profile

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.