First National Trust Co Reduces Holdings in Fifth Third Bancorp $FITB

First National Trust Co trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.2% in the 2nd quarter, Holdings Channel reports. The firm owned 76,163 shares of the financial services provider’s stock after selling 959 shares during the period. First National Trust Co’s holdings in Fifth Third Bancorp were worth $3,133,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Banque Transatlantique SA purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $27,000. Activest Wealth Management increased its position in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 357 shares in the last quarter. GoalVest Advisory LLC grew its holdings in Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after buying an additional 532 shares in the last quarter. Finally, BankPlus Trust Department grew its holdings in Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after buying an additional 290 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director directly 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 document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $42.28 on Wednesday. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The business’s fifty day simple moving average is $44.23 and its 200-day simple moving average is $41.24. The firm has a market cap of $27.98 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 1.15 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.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company posted $0.78 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. Equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

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

Analyst Ratings Changes

Several analysts have issued reports on FITB shares. Janney Montgomery Scott upped their target price on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. TD Cowen upped their target price on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a report on Monday, October 20th. Truist Financial upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 12th. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. Finally, Argus upped their target price 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 issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.45.

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.