Los Angeles Capital Management LLC Has $49.21 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Los Angeles Capital Management LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 20.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,148,765 shares of the financial services provider’s stock after selling 298,764 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.17% of Fifth Third Bancorp worth $49,213,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC increased its stake in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the last quarter. American Capital Advisory LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $34,000. Catalyst Capital Advisors LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter valued at $53,000. Abich Financial Wealth Management LLC grew its stake in Fifth Third Bancorp by 1,787.3% in the 3rd quarter. Abich Financial Wealth Management LLC now owns 1,340 shares of the financial services provider’s stock valued at $57,000 after buying an additional 1,269 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $52,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $0.33 during midday trading on Friday, reaching $46.26. 3,674,738 shares of the company’s stock were exchanged, compared to its average volume of 5,063,957. The company’s 50 day simple moving average is $43.09 and its two-hundred day simple moving average is $40.02. The firm has a market capitalization of $31.02 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 2.25 and a beta of 1.21. Fifth Third Bancorp has a 12 month low of $24.64 and a 12 month high of $46.90. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. Fifth Third Bancorp’s revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 earnings per share. Equities research analysts expect that Fifth Third Bancorp will post 3.33 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.20%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FITB. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Bank of America raised their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Evercore ISI raised their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Barclays raised their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Royal Bank of Canada raised their target price on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $42.28.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate 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.