Pitcairn Co. Sells 566 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Pitcairn Co. cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,549 shares of the financial services provider’s stock after selling 566 shares during the period. Pitcairn Co.’s holdings in Fifth Third Bancorp were worth $618,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. raised its position in shares of Fifth Third Bancorp by 35.6% during the third quarter. TCI Wealth Advisors Inc. now owns 934 shares of the financial services provider’s stock valued at $40,000 after buying an additional 245 shares during the last quarter. Sugarloaf Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 0.3% during the third quarter. Sugarloaf Wealth Management LLC now owns 82,744 shares of the financial services provider’s stock valued at $3,512,000 after buying an additional 254 shares during the last quarter. Bartlett & Co. LLC raised its position in shares of Fifth Third Bancorp by 0.4% during the third quarter. Bartlett & Co. LLC now owns 75,912 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 316 shares during the last quarter. Intrua Financial LLC raised its position in shares of Fifth Third Bancorp by 2.7% during the third quarter. Intrua Financial LLC now owns 12,279 shares of the financial services provider’s stock valued at $531,000 after buying an additional 321 shares during the last quarter. Finally, Clean Yield Group raised its position in shares of Fifth Third Bancorp by 9.6% during the third quarter. Clean Yield Group now owns 3,789 shares of the financial services provider’s stock valued at $161,000 after buying an additional 333 shares during the last quarter. Institutional investors own 81.02% of the company’s stock.

Several research analysts recently issued reports on FITB shares. Royal Bank of Canada increased their price target on shares of Fifth Third Bancorp from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 20th. JPMorgan Chase & Co. increased their price target on shares of Fifth Third Bancorp from $45.50 to $48.00 in a research report on Thursday, January 6th. UBS Group assumed coverage on shares of Fifth Third Bancorp in a report on Wednesday. They set a “buy” rating and a $56.00 price objective for the company. Citigroup raised their price objective on shares of Fifth Third Bancorp from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, December 16th. Finally, Morgan Stanley assumed coverage on shares of Fifth Third Bancorp in a report on Tuesday. They set an “overweight” rating and a $56.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $47.25.

Shares of FITB stock opened at $50.45 on Friday. The company has a market capitalization of $34.50 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.78 and a beta of 1.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.86 and a current ratio of 0.89. The company has a 50-day simple moving average of $44.47 and a 200 day simple moving average of $41.48. Fifth Third Bancorp has a 52 week low of $28.25 and a 52 week high of $50.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, October 18th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.91 by $0.06. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.99 billion. Fifth Third Bancorp had a net margin of 32.49% and a return on equity of 13.35%. During the same quarter in the previous year, the firm posted $0.85 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 3.76 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 18th. Shareholders of record on Friday, December 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, December 30th. Fifth Third Bancorp’s dividend payout ratio is currently 33.15%.

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 10,740 shares of the business’s stock in a transaction dated Monday, October 25th. The shares were sold at an average price of $45.61, for a total value of $489,851.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Howard Hammond sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 3rd. The shares were sold at an average price of $43.79, for a total transaction of $175,160.00. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Fifth Third Bancorp Profile

Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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