Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Belpointe Asset Management LLC

Belpointe Asset Management LLC trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 22.3% in the first quarter, Holdings Channel reports. The fund owned 5,828 shares of the financial services provider’s stock after selling 1,676 shares during the period. Belpointe Asset Management LLC’s holdings in Fifth Third Bancorp were worth $251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FITB. Riverview Trust Co acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $31,000. Wagner Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 82.5% in the 4th quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider’s stock valued at $35,000 after buying an additional 359 shares during the period. Evoke Wealth LLC lifted its holdings in shares of Fifth Third Bancorp by 146.7% in the 4th quarter. Evoke Wealth LLC now owns 814 shares of the financial services provider’s stock valued at $36,000 after buying an additional 484 shares during the period. Finally, Joseph Group Capital Management acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $1,545,000. 81.00% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $36.93, for a total value of $92,325.00. Following the transaction, the executive vice president now owns 45,844 shares in the company, valued at $1,693,018.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. The Goldman Sachs Group reduced their price target on Fifth Third Bancorp from $55.00 to $47.50 and set a “buy” rating for the company in a report on Tuesday, May 31st. Jefferies Financial Group dropped their price objective on Fifth Third Bancorp from $47.00 to $39.00 in a research note on Monday, July 11th. Bank of America raised their price objective on Fifth Third Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, April 20th. StockNews.com assumed coverage on Fifth Third Bancorp in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Morgan Stanley dropped their price objective on Fifth Third Bancorp from $50.00 to $43.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 12th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.93.

Fifth Third Bancorp Price Performance

FITB stock opened at $34.69 on Thursday. Fifth Third Bancorp has a 52-week low of $31.80 and a 52-week high of $50.64. The stock’s fifty day simple moving average is $35.58 and its 200-day simple moving average is $41.34. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $23.72 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 1.12 and a beta of 1.33.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last posted its quarterly earnings data on Tuesday, April 19th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). Fifth Third Bancorp had a return on equity of 12.99% and a net margin of 31.14%. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the business earned $0.93 EPS. Equities research analysts expect that Fifth Third Bancorp will post 3.66 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend was Wednesday, June 29th. Fifth Third Bancorp’s payout ratio is currently 34.38%.

About Fifth Third Bancorp

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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.

Further Reading

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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