Joseph Group Capital Management Has $2.86 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Joseph Group Capital Management grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 16.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,681 shares of the financial services provider’s stock after acquiring an additional 9,355 shares during the quarter. Fifth Third Bancorp accounts for about 1.1% of Joseph Group Capital Management’s holdings, making the stock its 25th largest position. Joseph Group Capital Management’s holdings in Fifth Third Bancorp were worth $2,857,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. OneDigital Investment Advisors LLC lifted its position in Fifth Third Bancorp by 1.1% in the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after purchasing an additional 222 shares during the period. Quent Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 9.9% during the 3rd quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 248 shares during the period. Diversified Trust Co boosted its position in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock valued at $433,000 after acquiring an additional 259 shares in the last quarter. Metis Global Partners LLC increased its stake in Fifth Third Bancorp by 1.2% in the third quarter. Metis Global Partners LLC now owns 21,749 shares of the financial services provider’s stock valued at $932,000 after acquiring an additional 260 shares during the period. Finally, Bailard Inc. raised its position in Fifth Third Bancorp by 0.5% in the second quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock worth $1,885,000 after purchasing an additional 264 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The trade was a 14.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kristine R. Garrett sold 7,500 shares of the 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 completion of the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore ISI lifted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Morgan Stanley increased their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada boosted their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, Barclays increased their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.09.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $46.82 on Tuesday. The firm’s 50 day moving average price is $43.72 and its two-hundred day moving average price is $40.48. Fifth Third Bancorp has a 52-week low of $26.89 and a 52-week high of $48.10. The stock has a market cap of $31.39 billion, a PE ratio of 15.55, a PEG ratio of 2.25 and a beta of 1.21. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion during 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 revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 EPS. As a group, analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.16%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

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.