Pacer Advisors Inc. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.3% during the first quarter, Holdings Channel reports. The institutional investor owned 42,558 shares of the financial services provider’s stock after selling 1,431 shares during the period. Pacer Advisors Inc.’s holdings in Fifth Third Bancorp were worth $1,594,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Red Spruce Capital LLC boosted its stake in Fifth Third Bancorp by 10.0% in the 1st quarter. Red Spruce Capital LLC now owns 57,058 shares of the financial services provider’s stock worth $2,137,000 after buying an additional 5,182 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in Fifth Third Bancorp in the 4th quarter worth about $1,627,000. Legacy Wealth Asset Management LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter worth about $330,000. Front Barnett Associates LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter worth about $224,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in Fifth Third Bancorp by 54.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 175,313 shares of the financial services provider’s stock worth $4,744,000 after buying an additional 61,745 shares during the last quarter. 79.19% of the stock is currently owned by hedge funds and other institutional investors.
FITB has been the topic of several research analyst reports. Jefferies Financial Group lifted their price objective on Fifth Third Bancorp from $36.00 to $44.00 and gave the company a “buy” rating in a research note on Friday. Argus lifted their price objective on Fifth Third Bancorp from $27.00 to $35.00 in a research note on Wednesday, January 27th. TheStreet raised Fifth Third Bancorp from a “c+” rating to a “b-” rating in a research note on Tuesday, March 9th. Morgan Stanley lifted their price objective on Fifth Third Bancorp from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, March 24th. Finally, Wedbush raised their target price on Fifth Third Bancorp from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Friday, January 22nd. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.19.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Wednesday, January 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.14. Fifth Third Bancorp had a return on equity of 7.52% and a net margin of 17.50%. The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. Research analysts anticipate that Fifth Third Bancorp will post 1.91 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, March 30th. This represents a $1.08 dividend on an annualized basis and a yield of 2.78%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 38.99%.
In other news, Director Mitchell Feiger sold 60,000 shares of the company’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $38.20, for a total value of $2,292,000.00. Following the completion of the sale, the director now owns 3,271 shares in the company, valued at $124,952.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert P. Shaffer sold 8,900 shares of the company’s stock in a transaction on Friday, January 29th. The shares were sold at an average price of $28.96, for a total value of $257,744.00. The disclosure for this sale can be found here. Insiders have sold a total of 100,936 shares of company stock valued at $3,779,352 in the last quarter. 0.52% of the stock is currently owned by insiders.
About Fifth Third Bancorp
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
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