Advisors Asset Management Inc. Sells 4,655 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Advisors Asset Management Inc. reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 28.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,914 shares of the financial services provider’s stock after selling 4,655 shares during the quarter. Advisors Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $510,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FITB. SVB Wealth LLC increased its stake in Fifth Third Bancorp by 3.8% during the 1st quarter. SVB Wealth LLC now owns 7,721 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 283 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Fifth Third Bancorp by 1.4% during the 1st quarter. California State Teachers Retirement System now owns 1,107,447 shares of the financial services provider’s stock valued at $41,208,000 after acquiring an additional 15,100 shares during the last quarter. Hancock Whitney Corp boosted its holdings in shares of Fifth Third Bancorp by 2.1% during the 1st quarter. Hancock Whitney Corp now owns 37,897 shares of the financial services provider’s stock valued at $1,410,000 after acquiring an additional 795 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at about $639,000. Finally, Strategic Wealth Partners Ltd. purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at about $205,000. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FITB. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup raised their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Evercore ISI raised their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Finally, Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $43.62.

Fifth Third Bancorp Trading Down 0.2 %

Fifth Third Bancorp stock opened at $48.16 on Thursday. The stock has a market cap of $32.29 billion, a P/E ratio of 16.00, a PEG ratio of 2.32 and a beta of 1.21. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 1 year low of $26.89 and a 1 year high of $49.07. The firm’s 50 day moving average price is $44.52 and its 200-day moving average price is $40.92.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. On average, equities analysts predict that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 49.17%.

About Fifth Third Bancorp

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.