AGF Management Ltd. Sells 13,275 Shares of Fifth Third Bancorp $FITB

AGF Management Ltd. lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 50.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,068 shares of the financial services provider’s stock after selling 13,275 shares during the period. AGF Management Ltd.’s holdings in Fifth Third Bancorp were worth $537,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new stake in Fifth Third Bancorp in the 1st quarter valued at $334,805,000. Massachusetts Financial Services Co. MA bought a new position in Fifth Third Bancorp during the 1st quarter worth $113,900,000. Charles Schwab Investment Management Inc. lifted 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 buying an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $40,989,000. Finally, Invesco Ltd. grew its stake in shares of Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after acquiring an additional 862,374 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on FITB shares. Janney Montgomery Scott lifted their price objective on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Evercore ISI dropped their price target on shares of Fifth Third Bancorp from $49.00 to $47.00 in a research report on Thursday, October 30th. Robert W. Baird boosted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, October 2nd. Wolfe Research raised their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Finally, TD Cowen lifted their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.35.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $42.99 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The stock has a market capitalization of $28.42 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. The stock has a fifty day moving average of $43.73 and a 200-day moving average of $41.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.78 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.7%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

Insider Buying and Selling

In related news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is currently owned by insiders.

About Fifth Third Bancorp

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.