Octavia Wealth Advisors LLC Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Octavia Wealth Advisors LLC reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,536 shares of the financial services provider’s stock after selling 1,286 shares during the period. Octavia Wealth Advisors LLC’s holdings in Fifth Third Bancorp were worth $715,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FITB. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $29,000. American Capital Advisory LLC purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $34,000. Hexagon Capital Partners LLC increased its position in shares of Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the last quarter. Centerpoint Advisors LLC increased its position in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 750 shares during the last quarter. Finally, Family Firm Inc. purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $52,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 2.7 %

Shares of NASDAQ:FITB opened at $43.84 on Friday. The company has a market cap of $29.67 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 1.94 and a beta of 1.22. The firm’s 50-day simple moving average is $41.61 and its 200-day simple moving average is $38.80. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a fifty-two week low of $22.49 and a fifty-two week high of $43.94.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the previous year, the firm earned $0.87 EPS. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.38%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Analysts Set New Price Targets

FITB has been the topic of a number of recent analyst reports. Bank of America increased their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Argus increased their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Evercore ISI increased 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 report on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $41.78.

Insider Buying and Selling

In related news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the sale, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Lavender sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the transaction, the executive vice president now owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,500 shares of company stock valued at $2,269,920. Corporate insiders own 0.50% of the company’s stock.

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.