Advisors Capital Management LLC Reduces Stock Position in Fifth Third Bancorp $FITB

Advisors Capital Management LLC decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 94.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,827 shares of the financial services provider’s stock after selling 241,046 shares during the quarter. Advisors Capital Management LLC’s holdings in Fifth Third Bancorp were worth $616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Empowered Funds LLC raised its stake in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP increased its holdings in Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the last quarter. CWM LLC increased its holdings in Fifth Third Bancorp by 5.4% in the second quarter. CWM LLC now owns 20,674 shares of the financial services provider’s stock valued at $850,000 after buying an additional 1,059 shares during the last quarter. Harbour Investments Inc. raised its stake in Fifth Third Bancorp by 11.9% during the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock valued at $102,000 after buying an additional 263 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its holdings in Fifth Third Bancorp by 7.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 6,804 shares of the financial services provider’s stock worth $291,000 after buying an additional 474 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FITB shares. Wolfe Research upped their price target on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Argus raised their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Weiss Ratings lowered shares of Fifth Third Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, February 11th. Janney Montgomery Scott increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Finally, Evercore lifted their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Trading Down 1.4%

Shares of Fifth Third Bancorp stock opened at $52.90 on Friday. The business has a fifty day simple moving average of $50.18 and a 200-day simple moving average of $45.90. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The firm has a market cap of $34.97 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The company had revenue of $3.82 billion during the quarter. On average, equities analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.

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.