CNB Bank Sells 1,548 Shares of Fifth Third Bancorp (NASDAQ:FITB)

CNB Bank trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 16.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,753 shares of the financial services provider’s stock after selling 1,548 shares during the period. CNB Bank’s holdings in Fifth Third Bancorp were worth $328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FITB. Avanza Fonder AB bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $2,369,000. Pinnacle Bancorp Inc. lifted its position in shares of Fifth Third Bancorp by 51.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,100 shares of the financial services provider’s stock worth $47,000 after buying an additional 375 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Fifth Third Bancorp by 17.5% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,404 shares of the financial services provider’s stock valued at $482,000 after buying an additional 1,695 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Fifth Third Bancorp by 8.8% during the 4th quarter. Park Avenue Securities LLC now owns 66,247 shares of the financial services provider’s stock valued at $2,801,000 after buying an additional 5,377 shares in the last quarter. Finally, Rockland Trust Co. purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $217,000. Institutional investors 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 transaction of $327,525.00. Following the completion of the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $43.94 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The firm’s 50 day simple moving average is $45.11 and its 200-day simple moving average is $42.76. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The stock has a market capitalization of $29.46 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.79 and a beta of 1.24.

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 for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm posted $0.92 EPS. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts expect that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.37%. Fifth Third Bancorp’s payout ratio is 49.17%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. 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. Piper Sandler lifted their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Morgan Stanley increased their target price 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. Finally, Evercore ISI raised their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.92.

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.