Cerity Partners LLC Sells 177,431 Shares of Fifth Third Bancorp $FITB

Cerity Partners LLC lessened its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 40.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,478 shares of the financial services provider’s stock after selling 177,431 shares during the quarter. Cerity Partners LLC’s holdings in Fifth Third Bancorp were worth $11,827,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp during the second quarter valued at $26,000. Activest Wealth Management grew its position in shares of Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after buying an additional 626 shares during the last quarter. GoalVest Advisory LLC grew its stake in Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after buying an additional 532 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $32,000. Finally, BankPlus Trust Department increased its position in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 290 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Down 1.1%

NASDAQ:FITB opened at $49.27 on Friday. The stock’s 50 day moving average price is $45.41 and its 200 day moving average price is $44.10. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $50.47. The company has a market capitalization of $32.57 billion, a PE ratio of 14.71, a P/E/G ratio of 0.87 and a beta of 0.97. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $3.82 billion for the quarter. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio is presently 47.76%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Evan Bayh purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the acquisition, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The SEC filing for this sale provides additional information. 0.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have commented on FITB shares. Morgan Stanley set a $60.00 price target on shares of Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. DA Davidson lifted their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Piper Sandler raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Evercore ISI set a $52.00 price target on Fifth Third Bancorp in a research note on Tuesday. Finally, Barclays lifted their price objective on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.