92,090 Fifth Third Bancorp $FITB Shares Sold by Isthmus Partners LLC

Key Points

• Isthmus Partners reduced its Fifth Third Bancorp position by 31.4%, selling 92,090 shares in the third quarter and retaining 200,833 shares valued at approximately $10.16 million. Institutional investors and hedge funds own 83.79% of the stock.
• Fifth Third reported quarterly EPS of $1.13, well above the $0.83 consensus estimate, while revenue reached $3.28 billion and increased 42.4% year over year.
• The bank raised its quarterly dividend from $0.40 to $0.42 per share, implying a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $60.77, compared with a recent share price of $53.18.

Isthmus Partners LLC lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 31.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 200,833 shares of the financial services provider's stock after selling 92,090 shares during the quarter. Isthmus Partners LLC's holdings in Fifth Third Bancorp were worth $10,158,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Basecamp Wealth Advisors LLC lifted its position in shares of Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock worth $180,000 after buying an additional 201 shares during the last quarter. Legacy Wealth Managment LLC ID grew its holdings in Fifth Third Bancorp by 19.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after buying an additional 212 shares in the last quarter. CFS Investment Advisory Services LLC raised its stake in Fifth Third Bancorp by 2.0% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 11,563 shares of the financial services provider's stock valued at $590,000 after acquiring an additional 223 shares in the last quarter. Foster & Motley Inc. increased its stake in Fifth Third Bancorp by 1.4% during the 1st quarter. Foster & Motley Inc. now owns 16,298 shares of the financial services provider's stock valued at $757,000 after buying an additional 226 shares during the period. Finally, SouthState Bank Corp lifted its position in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after purchasing an additional 236 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 0.7%

Fifth Third Bancorp stock opened at $53.18 on Friday. The company has a market capitalization of $48.22 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.09 and a beta of 0.97. The firm's fifty day simple moving average is $53.06 and its 200-day simple moving average is $53.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.30. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp's quarterly revenue was up 42.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is currently 57.53%.

Analysts Set New Price Targets

FITB has been the topic of several recent research reports. Bank of America lifted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Royal Bank Of Canada reduced their price objective on Fifth Third Bancorp from $62.00 to $60.00 and set an "outperform" rating for the company in a research note on Tuesday. Morgan Stanley lifted their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Finally, Jefferies Financial Group reduced their price target on Fifth Third Bancorp from $70.00 to $65.00 and set a "buy" rating for the company in a report on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $60.77.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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