Transcend Capital Advisors LLC Sells 277 Shares of Fifth Third Bancorp $FITB

Transcend Capital Advisors LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,700 shares of the financial services provider’s stock after selling 277 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $522,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FITB. Diversified Trust Co grew its stake in shares of Fifth Third Bancorp by 4.1% during the first quarter. Diversified Trust Co now owns 10,294 shares of the financial services provider’s stock valued at $404,000 after buying an additional 402 shares during the last quarter. Amalgamated Bank grew its stake in shares of Fifth Third Bancorp by 1.7% during the first quarter. Amalgamated Bank now owns 131,079 shares of the financial services provider’s stock valued at $5,138,000 after buying an additional 2,215 shares during the last quarter. Koshinski Asset Management Inc. grew its stake in shares of Fifth Third Bancorp by 17.1% during the first quarter. Koshinski Asset Management Inc. now owns 7,320 shares of the financial services provider’s stock valued at $287,000 after buying an additional 1,070 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Fifth Third Bancorp by 1.9% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 74,945 shares of the financial services provider’s stock valued at $2,938,000 after buying an additional 1,429 shares during the last quarter. Finally, Rossby Financial LCC bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $103,000. Institutional investors own 83.79% of the company’s stock.

Insiders Place Their Bets

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Down 0.4%

Fifth Third Bancorp stock opened at $42.28 on Wednesday. The business has a fifty day moving average of $44.23 and a two-hundred day moving average of $41.24. 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 firm has a market cap of $27.98 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.15 and a beta of 0.95. 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 posted its earnings results 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 company 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%.Fifth Third Bancorp’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.78 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This is an increase 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%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Analyst Upgrades and Downgrades

FITB has been the topic of several research analyst reports. Argus increased their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Stephens set a $52.00 price objective on Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.45.

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.