Bank of Nova Scotia Lowers Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Bank of Nova Scotia decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 32.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,456 shares of the financial services provider’s stock after selling 29,330 shares during the period. Bank of Nova Scotia’s holdings in Fifth Third Bancorp were worth $2,031,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its position in Fifth Third Bancorp by 1.4% during the first quarter. BlackRock Inc. now owns 54,231,343 shares of the financial services provider’s stock valued at $2,334,117,000 after purchasing an additional 744,912 shares in the last quarter. Capital World Investors increased its holdings in shares of Fifth Third Bancorp by 60.1% in the first quarter. Capital World Investors now owns 40,466,760 shares of the financial services provider’s stock worth $1,741,689,000 after buying an additional 15,195,534 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 6.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 11,192,862 shares of the financial services provider’s stock worth $481,741,000 after buying an additional 721,901 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Fifth Third Bancorp by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 8,464,515 shares of the financial services provider’s stock worth $364,383,000 after buying an additional 87,166 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Fifth Third Bancorp by 2.9% in the first quarter. Royal Bank of Canada now owns 7,110,214 shares of the financial services provider’s stock worth $306,024,000 after buying an additional 199,351 shares during the period. Hedge funds and other institutional investors own 81.33% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $35.33 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average price is $34.36 and its 200-day moving average price is $35.10. Fifth Third Bancorp has a 52 week low of $30.92 and a 52 week high of $50.64. The stock has a market cap of $24.25 billion, a P/E ratio of 10.87, a P/E/G ratio of 1.28 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last issued its quarterly earnings results on Thursday, October 20th. The financial services provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.07). Fifth Third Bancorp had a return on equity of 13.98% and a net margin of 27.47%. During the same period in the prior year, the firm earned $0.94 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 3.45 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were given a $0.33 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend was Thursday, September 29th. Fifth Third Bancorp’s payout ratio is currently 40.62%.

Analysts Set New Price Targets

Several research firms have recently commented on FITB. Morgan Stanley decreased their price objective on Fifth Third Bancorp from $40.00 to $37.00 and set an “equal weight” rating on the stock in a report on Monday, October 24th. Deutsche Bank Aktiengesellschaft reduced their price target on Fifth Third Bancorp from $46.00 to $44.00 and set a “hold” rating on the stock in a report on Monday, September 12th. Royal Bank of Canada reduced their price target on Fifth Third Bancorp from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. StockNews.com initiated coverage on Fifth Third Bancorp in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. boosted their price target on Fifth Third Bancorp from $37.50 to $39.00 in a report on Wednesday, November 2nd. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.43.

Insider Transactions at Fifth Third Bancorp

In related news, CFO James C. Leonard purchased 3,893 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were purchased at an average cost of $32.16 per share, with a total value of $125,198.88. Following the transaction, the chief financial officer now directly owns 139,244 shares in the company, valued at approximately $4,478,087.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO James C. Leonard acquired 3,893 shares of the firm’s stock in a transaction that occurred on Friday, October 21st. The stock was bought at an average cost of $32.16 per share, for a total transaction of $125,198.88. Following the acquisition, the chief financial officer now directly owns 139,244 shares in the company, valued at $4,478,087.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert P. Shaffer sold 10,209 shares of the business’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $35.76, for a total transaction of $365,073.84. Following the completion of the transaction, the executive vice president now owns 69,534 shares of the company’s stock, valued at $2,486,535.84. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.

Fifth Third Bancorp Profile

(Get Rating)

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.

See Also

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

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