Harvest Portfolios Group Inc. Sells 15,058 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Harvest Portfolios Group Inc. decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 9.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,319 shares of the financial services provider’s stock after selling 15,058 shares during the period. Harvest Portfolios Group Inc.’s holdings in Fifth Third Bancorp were worth $6,054,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FITB. Quent Capital LLC lifted its stake in shares of Fifth Third Bancorp by 9.9% in the 3rd quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 248 shares during the last quarter. Diversified Trust Co raised its position in Fifth Third Bancorp by 2.6% in the third quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 259 shares during the last quarter. Bailard Inc. boosted its stake in shares of Fifth Third Bancorp by 0.5% during the second quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 264 shares in the last quarter. Lockerman Financial Group Inc. grew its holdings in shares of Fifth Third Bancorp by 3.9% during the third quarter. Lockerman Financial Group Inc. now owns 6,985 shares of the financial services provider’s stock worth $299,000 after purchasing an additional 264 shares during the last quarter. Finally, Ballentine Partners LLC increased its stake in shares of Fifth Third Bancorp by 2.0% in the second quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock valued at $513,000 after buying an additional 278 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated 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 $2,441,720.71. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Evercore ISI raised their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Barclays increased their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Morgan Stanley lifted 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and a consensus target price of $42.28.

Fifth Third Bancorp Trading Up 7.0 %

NASDAQ:FITB opened at $46.17 on Wednesday. Fifth Third Bancorp has a 12 month low of $24.64 and a 12 month high of $46.17. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $31.25 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 2.07 and a beta of 1.21. The firm has a fifty day simple moving average of $42.85 and a two-hundred day simple moving average of $39.84.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.92 earnings per share. Analysts expect that Fifth Third Bancorp will post 3.33 EPS 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. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is 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.