Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Joseph Group Capital Management

Joseph Group Capital Management increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 16.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 66,681 shares of the financial services provider’s stock after acquiring an additional 9,355 shares during the quarter. Fifth Third Bancorp makes up 1.1% of Joseph Group Capital Management’s holdings, making the stock its 25th largest holding. Joseph Group Capital Management’s holdings in Fifth Third Bancorp were worth $2,857,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. OneDigital Investment Advisors LLC boosted its position in shares of Fifth Third Bancorp by 1.1% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after purchasing an additional 222 shares during the period. Quent Capital LLC lifted its stake in Fifth Third Bancorp by 9.9% during the third quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after buying an additional 248 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Fifth Third Bancorp by 2.6% in the third quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock worth $433,000 after buying an additional 259 shares during the period. Metis Global Partners LLC increased its position in shares of Fifth Third Bancorp by 1.2% in the third quarter. Metis Global Partners LLC now owns 21,749 shares of the financial services provider’s stock worth $932,000 after acquiring an additional 260 shares in the last quarter. Finally, Bailard Inc. raised its holdings in shares of Fifth Third Bancorp by 0.5% during the second quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 264 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.4 %

Shares of FITB stock opened at $46.82 on Tuesday. The stock’s 50 day simple moving average is $43.72 and its 200 day simple moving average is $40.48. Fifth Third Bancorp has a twelve month low of $26.89 and a twelve month high of $48.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $31.39 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 2.25 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results 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 firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 EPS. As a group, research analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.16%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Argus lifted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Barclays increased their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Morgan Stanley lifted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Evercore ISI increased their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. One 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. According to MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $43.09.

Insider Activity

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was 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 represents a 14.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

Fifth Third Bancorp Profile

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.