Fifth Third Bancorp $FITB Stock: Sterling Capital Management LLC Cuts Holdings

Sterling Capital Management LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 35.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,361 shares of the financial services provider’s stock after selling 14,771 shares during the quarter. Sterling Capital Management LLC’s holdings in Fifth Third Bancorp were worth $1,333,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Security National Bank of SO Dak purchased a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp in the second quarter worth $29,000. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp in the first quarter worth $25,000. SouthState Bank Corp raised its holdings in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the last quarter. Finally, Avalon Trust Co acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $40,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FITB shares. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, October 21st. UBS Group reduced their target price on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Bank of America lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods boosted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, October 8th. They issued a “buy” rating and a $60.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.77.

Fifth Third Bancorp Stock Up 0.2%

FITB stock opened at $53.07 on Tuesday. The firm’s fifty day simple moving average is $53.02 and its 200-day simple moving average is $51.92. The company has a market capitalization of $48.13 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm’s revenue was up 42.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is 57.53%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.