Wealthfront Advisers LLC Sells 79,503 Shares of Fifth Third Bancorp $FITB

Wealthfront Advisers LLC lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 28.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 199,705 shares of the financial services provider’s stock after selling 79,503 shares during the quarter. Wealthfront Advisers LLC’s holdings in Fifth Third Bancorp were worth $8,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Harbour Investments Inc. grew its holdings in shares of Fifth Third Bancorp by 11.9% in the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 263 shares during the period. Moody National Bank Trust Division grew its holdings in shares of Fifth Third Bancorp by 1.5% in the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after acquiring an additional 271 shares during the period. Cullen Frost Bankers Inc. grew its holdings in shares of Fifth Third Bancorp by 6.9% in the second quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock worth $176,000 after acquiring an additional 276 shares during the period. Commerce Bank grew its holdings in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after acquiring an additional 282 shares during the period. Finally, BankPlus Trust Department grew its holdings in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 290 shares during the period. Institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, Director Evan Bayh purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on FITB shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Citigroup boosted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Stephens set a $52.00 price target on Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 14th. Finally, Argus boosted their price target on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $42.45 on Tuesday. The firm has a market cap of $28.10 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.16 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $44.24 and a 200-day moving average price of $41.18. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

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.