Fifth Third Bancorp $FITB Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 89.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,021 shares of the financial services provider’s stock after selling 260,081 shares during the period. Allianz Asset Management GmbH’s holdings in Fifth Third Bancorp were worth $1,317,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FITB. Nuveen LLC acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $334,805,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $113,900,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after purchasing an additional 1,321,554 shares during the period. Alecta Tjanstepension Omsesidigt acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $40,989,000. Finally, Invesco Ltd. raised its holdings in shares of Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Evan Bayh acquired 3,000 shares of the stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Trading Up 1.3%

NASDAQ:FITB opened at $42.63 on Friday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day moving average price is $44.25 and its 200 day moving average price is $41.10. The company has a market capitalization of $28.22 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.16 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, research analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Morgan Stanley set a $60.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Wolfe Research increased their target price on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. TD Cowen upped their price target on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Argus upped their price target on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.