Advisors Capital Management LLC Has $10.48 Million Holdings in Fifth Third Bancorp $FITB

Advisors Capital Management LLC decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 15.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 254,873 shares of the financial services provider’s stock after selling 46,138 shares during the quarter. Advisors Capital Management LLC’s holdings in Fifth Third Bancorp were worth $10,483,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FITB. Allianz Asset Management GmbH lifted its holdings in Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after purchasing an additional 16,000 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after purchasing an additional 654,746 shares during the period. Huntington National Bank grew its position in Fifth Third Bancorp by 10.9% during the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after buying an additional 11,935 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of Fifth Third Bancorp by 5.6% during the first quarter. Resona Asset Management Co. Ltd. now owns 205,032 shares of the financial services provider’s stock worth $8,025,000 after purchasing an additional 10,826 shares in the last quarter. Finally, Twin Capital Management Inc. grew its stake in Fifth Third Bancorp by 107.2% in the 1st quarter. Twin Capital Management Inc. now owns 28,454 shares of the financial services provider’s stock worth $1,115,000 after buying an additional 14,724 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.3%

Shares of FITB stock opened at $42.57 on Friday. The stock has a market capitalization of $28.14 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The firm’s 50 day moving average is $43.54 and its 200 day moving average is $41.89.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business earned $0.78 earnings per share. Fifth Third Bancorp’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Buying and Selling

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The stock was acquired 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 in the company, valued at $3,501,309.24. This represents a 3.66% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FITB. Wolfe Research upped their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Cowen restated a “buy” rating on shares of Fifth Third Bancorp in a report on Monday, October 20th. Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 7th. Finally, DA Davidson raised their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $50.35.

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.