Smead Capital Management Inc. Reduces Stock Position in Fifth Third Bancorp $FITB

Smead Capital Management Inc. lessened its stake in Fifth Third Bancorp (NASDAQ:FITB) by 7.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,626,001 shares of the financial services provider’s stock after selling 124,354 shares during the period. Fifth Third Bancorp makes up approximately 1.4% of Smead Capital Management Inc.’s holdings, making the stock its 26th largest position. Smead Capital Management Inc. owned about 0.25% of Fifth Third Bancorp worth $72,438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $26,000. Westside Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 292 shares during the period. United Community Bank boosted its position in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the last quarter. GoalVest Advisory LLC boosted its position in Fifth Third Bancorp by 246.3% in the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $32,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 1.4%

FITB opened at $53.62 on Friday. The stock has a market cap of $35.45 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm’s fifty day moving average is $50.29 and its 200 day moving average is $45.98. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion for the quarter. On average, sell-side analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.0%. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the transaction, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Wells Fargo & Company upped their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Barclays increased their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Wall Street Zen downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings lowered Fifth Third Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, February 11th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.