Fifth Third Bancorp (NASDAQ:FITB) Stake Reduced by Hennessy Advisors Inc.

Hennessy Advisors Inc. decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 44.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,000 shares of the financial services provider’s stock after selling 21,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Fifth Third Bancorp were worth $967,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Financial Synergies Wealth Advisors Inc. bought a new position in shares of Fifth Third Bancorp in the first quarter worth $29,000. GoalVest Advisory LLC boosted its stake in Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after buying an additional 560 shares in the last quarter. Denali Advisors LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at about $36,000. Financial Management Professionals Inc. boosted its stake in Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,000 shares in the last quarter. Finally, Friedenthal Financial bought a new position in Fifth Third Bancorp during the fourth quarter valued at about $48,000. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on FITB. Wells Fargo & Company raised their target price on Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. DA Davidson upped their target price on Fifth Third Bancorp from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Robert W. Baird reaffirmed a “neutral” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 1st. JPMorgan Chase & Co. raised Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and upped their target price for the company from $37.50 to $39.50 in a report on Wednesday, May 1st. Finally, Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $37.26.

Fifth Third Bancorp Stock Up 1.8 %

FITB opened at $36.49 on Friday. Fifth Third Bancorp has a fifty-two week low of $22.49 and a fifty-two week high of $39.14. The business has a 50-day moving average of $36.92 and a 200-day moving average of $35.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $24.96 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a return on equity of 16.11% and a net margin of 17.70%. The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the business earned $0.78 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 3.27 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Friday, June 28th. Fifth Third Bancorp’s dividend payout ratio is 44.44%.

Insider Activity

In other news, EVP Jude Schramm sold 2,500 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the transaction, the executive vice president now owns 136,922 shares of the company’s stock, valued at approximately $5,134,575. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total value of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at approximately $5,134,575. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the sale, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

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.