Manchester Capital Management LLC Cuts Position in Fifth Third Bancorp (NASDAQ:FITB)

Manchester Capital Management LLC decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 14.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,945 shares of the financial services provider’s stock after selling 517 shares during the quarter. Manchester Capital Management LLC’s holdings in Fifth Third Bancorp were worth $81,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Sanders Capital LLC raised its holdings in shares of Fifth Third Bancorp by 3.6% in the second quarter. Sanders Capital LLC now owns 19,052,485 shares of the financial services provider’s stock valued at $592,818,000 after buying an additional 654,400 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Fifth Third Bancorp by 5.0% during the second quarter. JPMorgan Chase & Co. now owns 17,423,254 shares of the financial services provider’s stock worth $475,481,000 after purchasing an additional 832,897 shares during the period. Boston Partners boosted its position in Fifth Third Bancorp by 5.2% during the second quarter. Boston Partners now owns 10,655,998 shares of the financial services provider’s stock worth $297,298,000 after purchasing an additional 524,649 shares during the period. Wells Fargo & Company MN boosted its position in Fifth Third Bancorp by 36.8% during the second quarter. Wells Fargo & Company MN now owns 7,491,535 shares of the financial services provider’s stock worth $209,013,000 after purchasing an additional 2,014,379 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in Fifth Third Bancorp by 21,301.1% during the second quarter. Nuveen Asset Management LLC now owns 6,318,040 shares of the financial services provider’s stock worth $176,274,000 after purchasing an additional 6,288,518 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

In other news, EVP Timothy Spence sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $27.52, for a total transaction of $137,600.00. Following the sale, the executive vice president now directly owns 152,672 shares in the company, valued at $4,201,533.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan Bayh purchased 4,000 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $25.93 per share, for a total transaction of $103,720.00. Following the completion of the acquisition, the director now owns 48,517 shares of the company’s stock, valued at approximately $1,258,045.81. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.

A number of equities research analysts have recently weighed in on FITB shares. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $32.00 to $33.00 in a report on Friday, October 25th. Raymond James boosted their price target on Fifth Third Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup dropped their price target on Fifth Third Bancorp from $30.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Cfra raised Fifth Third Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Finally, Morgan Stanley dropped their price target on Fifth Third Bancorp from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $31.43.

Fifth Third Bancorp stock traded up $0.05 during midday trading on Friday, reaching $30.56. The company’s stock had a trading volume of 237,077 shares, compared to its average volume of 5,816,547. Fifth Third Bancorp has a 52 week low of $22.12 and a 52 week high of $30.89. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average price of $27.84 and a 200-day moving average price of $27.56. The stock has a market cap of $22.17 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.50 and a beta of 1.40.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Fifth Third Bancorp had a return on equity of 11.40% and a net margin of 24.36%. During the same period in the previous year, the business posted $0.64 earnings per share. As a group, research analysts predict that Fifth Third Bancorp will post 2.81 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 37.80%.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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