CNB Bank Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

CNB Bank cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 10.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,301 shares of the financial services provider’s stock after selling 1,038 shares during the period. CNB Bank’s holdings in Fifth Third Bancorp were worth $398,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Park National Corp OH boosted its position in shares of Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after acquiring an additional 5,411 shares during the last quarter. M&G Plc purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at about $1,254,000. Plato Investment Management Ltd bought a new stake in shares of Fifth Third Bancorp in the first quarter worth about $639,000. Russell Investments Group Ltd. lifted its position in shares of Fifth Third Bancorp by 9.1% in the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after buying an additional 26,194 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in Fifth Third Bancorp by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 827,625 shares of the financial services provider’s stock valued at $30,796,000 after buying an additional 18,208 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares in the company, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fifth Third Bancorp news, 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 transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s 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 sale, the director now owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,000 shares of company stock valued at $2,169,920. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on FITB. Morgan Stanley upped their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Bank of America upped their price target 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. 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 note on Monday, July 22nd. Argus upped 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. Finally, StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.78.

Fifth Third Bancorp Trading Down 1.5 %

FITB stock opened at $44.67 on Friday. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $45.71. The firm’s 50-day moving average is $42.15 and its 200 day moving average is $39.10. The company has a market capitalization of $30.56 billion, a PE ratio of 14.18, a P/E/G ratio of 1.94 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its 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 company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 earnings per share. On average, research analysts anticipate that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.31%. 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 currently 46.98%.

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.