CNB Bank Sells 1,038 Shares of Fifth Third Bancorp (NASDAQ:FITB)

CNB Bank reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 10.0% during the third quarter, Holdings Channel reports. The institutional investor owned 9,301 shares of the financial services provider’s stock after selling 1,038 shares during the quarter. CNB Bank’s holdings in Fifth Third Bancorp were worth $398,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Park National Corp OH lifted its position in Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after acquiring an additional 5,411 shares during the last quarter. M&G Plc purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at $1,254,000. Plato Investment Management Ltd acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $639,000. Russell Investments Group Ltd. grew its stake in Fifth Third Bancorp by 9.1% during the 1st quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after buying an additional 26,194 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in Fifth Third Bancorp by 2.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock valued at $30,796,000 after buying an additional 18,208 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FITB. Evercore ISI raised their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Bank of America boosted their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Jefferies Financial Group boosted their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada raised their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $41.78.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $44.67 on Friday. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $45.71. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $30.56 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The business has a 50-day simple moving average of $42.15 and a 200-day simple moving average of $39.10.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.31%. Fifth Third Bancorp’s dividend payout ratio is 46.98%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares in the company, valued at $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares in the company, valued at $5,224,883.99. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,000 shares of company stock worth $2,169,920. 0.50% of the stock is owned by company insiders.

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.