MidWestOne Financial Group Inc. Sells 2,811 Shares of Fifth Third Bancorp (NASDAQ:FITB)

MidWestOne Financial Group Inc. decreased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,596 shares of the financial services provider’s stock after selling 2,811 shares during the period. MidWestOne Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $752,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Morningstar Investment Management LLC bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $2,257,000. Bank of Nova Scotia increased its position in shares of 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 acquiring an additional 21,251 shares in the last quarter. Park National Corp OH increased 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 acquiring an additional 5,411 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Fifth Third Bancorp by 8.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after acquiring an additional 21,612 shares in the last quarter. Finally, Waterloo Capital L.P. bought a new position in Fifth Third Bancorp in the fourth quarter valued at $2,080,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $42.94 on Friday. The firm has a 50-day moving average of $41.41 and a 200-day moving average of $38.37. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $29.37 billion, a PE ratio of 13.63, a P/E/G ratio of 2.03 and a beta of 1.22. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $43.85.

Fifth Third Bancorp (NASDAQ:FITB) last posted its 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 company had revenue of $3.32 billion for the quarter, compared to analyst estimates 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 prior year, the business posted $0.87 EPS. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.45%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 20,000 shares of the firm’s 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 transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Jude Schramm sold 20,000 shares of the firm’s 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 transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $863,802.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Evercore ISI decreased their target price on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating for the company in a research report on Tuesday, June 25th. Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Morgan Stanley raised their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, Argus raised their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus price target of $41.16.

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.