AE Wealth Management LLC Has $12.11 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

AE Wealth Management LLC cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 11.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 331,833 shares of the financial services provider’s stock after selling 42,132 shares during the quarter. AE Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $12,109,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Morningstar Investment Management LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $2,257,000. Bank of Nova Scotia boosted its position in Fifth Third Bancorp by 31.6% in the fourth quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock valued at $3,056,000 after buying an additional 21,251 shares in the last quarter. Park National Corp OH grew its stake 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 last quarter. rhino investment partners Inc increased its holdings in shares of Fifth Third Bancorp by 20.1% during the fourth quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after buying an additional 217,956 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake 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 acquiring an additional 21,612 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.9 %

Shares of Fifth Third Bancorp stock opened at $43.24 on Friday. The stock’s 50-day moving average is $41.17 and its 200 day moving average is $38.14. Fifth Third Bancorp has a one year low of $22.49 and a one year high of $43.85. The firm has a market cap of $29.58 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.93 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the previous year, the company posted $0.87 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Increases Dividend

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

Wall Street Analysts Forecast Growth

FITB has been the topic of several recent research reports. Evercore ISI cut their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Morgan Stanley boosted their price target on Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Bank of America upped their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a report on Friday, May 31st. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $41.16.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the transaction, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the company’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 transaction of $494,520.00. Following the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the sale, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,500 shares of company stock valued at $2,269,920. Corporate insiders own 0.50% of the company’s stock.

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.