Harvest Portfolios Group Inc. Has $6.05 Million Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Harvest Portfolios Group Inc. lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 141,319 shares of the financial services provider’s stock after selling 15,058 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Fifth Third Bancorp were worth $6,054,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on FITB. Argus raised their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Evercore ISI increased their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Bank of America lifted their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Royal Bank of Canada upped their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $42.28.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $46.17 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The company’s fifty day simple moving average is $42.85 and its 200 day simple moving average is $39.84. Fifth Third Bancorp has a 1-year low of $24.64 and a 1-year high of $46.17. The company has a market cap of $31.25 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 2.07 and a beta of 1.21.

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

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.37 dividend. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.21%. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Insider Activity

In other Fifth Third Bancorp 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 value of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.