Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,332,816 shares of the financial services provider’s stock after selling 27,148 shares during the period. Hsbc Holdings PLC owned 0.19% of Fifth Third Bancorp worth $48,603,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Morningstar Investment Management LLC purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $2,257,000. Bank of Nova Scotia lifted its stake in Fifth Third Bancorp by 31.6% during the fourth quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after purchasing an additional 21,251 shares in the last quarter. Park National Corp OH boosted its position in shares of 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 worth $1,514,000 after buying an additional 5,411 shares during the period. rhino investment partners Inc grew its stake in shares of Fifth Third Bancorp by 20.1% in the fourth quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock valued at $44,891,000 after buying an additional 217,956 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Fifth Third Bancorp by 8.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock valued at $10,043,000 after buying an additional 21,612 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FITB shares. Royal Bank of Canada raised their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $40.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Argus upped their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Wolfe Research upgraded Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price for the company in a report on Friday, May 31st. 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.16.

Fifth Third Bancorp Stock Down 0.9 %

Shares of NASDAQ:FITB opened at $43.24 on Friday. The firm has a 50 day simple moving average of $41.17 and a 200-day simple moving average of $38.14. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $43.85. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $29.58 billion, a PE ratio of 13.73, a P/E/G ratio of 1.93 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period last year, the firm earned $0.87 earnings per share. On average, equities analysts predict that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp 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 transaction, the director now directly owns 20,961 shares in the company, valued at approximately $863,802.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The disclosure for this sale can be found here. Insiders have sold a total of 54,500 shares of company stock valued at $2,269,920 over the last quarter. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.