Fifth Third Bancorp $FITB Stock Sold by Mesirow Financial Investment Management Inc.

Mesirow Financial Investment Management Inc. lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 13.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 400,767 shares of the financial services provider’s stock after selling 62,428 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $20,271,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FITB. Keybank National Association OH increased its holdings in shares of Fifth Third Bancorp by 11.7% during the third quarter. Keybank National Association OH now owns 94,206 shares of the financial services provider’s stock worth $4,765,000 after purchasing an additional 9,893 shares during the period. 71 West Capital Partners raised its position in shares of Fifth Third Bancorp by 3.7% in the third quarter. 71 West Capital Partners now owns 11,706 shares of the financial services provider’s stock valued at $592,000 after buying an additional 423 shares in the last quarter. Vestor Capital LLC boosted its stake in shares of Fifth Third Bancorp by 181,769.7% in the third quarter. Vestor Capital LLC now owns 281,898 shares of the financial services provider’s stock valued at $14,258,000 after buying an additional 281,743 shares during the period. AlphaCore Capital LLC boosted its stake in shares of Fifth Third Bancorp by 87.2% in the third quarter. AlphaCore Capital LLC now owns 32,865 shares of the financial services provider’s stock valued at $1,667,000 after buying an additional 15,313 shares during the period. Finally, Fulcrum Asset Management LLP acquired a new stake in Fifth Third Bancorp during the third quarter worth approximately $1,855,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the sale, the executive vice president directly owned 121,460 shares in the company, valued at $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by insiders.

Fifth Third Bancorp Trading Down 0.3%

NASDAQ FITB opened at $54.21 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50. The company has a market cap of $48.99 billion, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. The business’s fifty day moving average is $52.66 and its 200 day moving average is $52.18.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.34 billion. During the same period in the previous year, the business posted $0.91 earnings per share. The business’s quarterly revenue was up 42.4% compared to the same quarter last year. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s payout ratio is presently 57.53%.

Analyst Ratings Changes

FITB has been the subject of a number of recent analyst reports. Evercore upgraded Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday, October 21st. Bank of America increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Stephens decreased their price target on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 21st. JPMorgan Chase & Co. boosted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $60.87.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, it provides consumer and commercial banking, lending, payment processing, and wealth and asset management services. The company traces its roots to 1858 and took the Fifth Third name following the 1908 merger of Fifth National Bank and Third National Bank. Its banking operations serve individuals, businesses, and communities across parts of the Midwest and Southeast, including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia.