Fifth Third Bancorp $FITB Stock: Community Trust & Investment Co. Trims Holdings

Key Points

• Community Trust & Investment Co. cut its Fifth Third Bancorp stake by 90.4% in the third quarter, selling 68,208 shares and retaining 7,274 shares worth approximately $368,000. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed the $0.84 consensus estimate. The company increased its quarterly dividend to $0.42, representing a 3.3% annualized yield.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $60.92 versus a recent price of $50.38.

Community Trust & Investment Co. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 90.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,274 shares of the financial services provider's stock after selling 68,208 shares during the quarter. Community Trust & Investment Co.'s holdings in Fifth Third Bancorp were worth $368,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Triasima Portfolio Management inc. increased its holdings in shares of Fifth Third Bancorp by 40.4% during the third quarter. Triasima Portfolio Management inc. now owns 26,558 shares of the financial services provider's stock valued at $1,343,000 after purchasing an additional 7,643 shares during the period. Mather Group LLC. lifted its holdings in Fifth Third Bancorp by 4.9% in the third quarter. Mather Group LLC. now owns 12,066 shares of the financial services provider's stock worth $610,000 after purchasing an additional 569 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in Fifth Third Bancorp by 134.6% in the third quarter. First Citizens Bank & Trust Co. now owns 28,038 shares of the financial services provider's stock worth $1,418,000 after purchasing an additional 16,085 shares during the period. XY Planning Network Inc. grew its position in Fifth Third Bancorp by 6.4% in the 3rd quarter. XY Planning Network Inc. now owns 5,040 shares of the financial services provider's stock valued at $255,000 after buying an additional 304 shares in the last quarter. Finally, 4WEALTH Advisors Inc. raised its position in Fifth Third Bancorp by 7.6% in the third quarter. 4WEALTH Advisors Inc. now owns 22,478 shares of the financial services provider's stock worth $1,146,000 after acquiring an additional 1,588 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB stock opened at $50.38 on Friday. 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 one year low of $40.04 and a one year high of $59.50. The firm has a market capitalization of $45.69 billion, a PE ratio of 16.91, a P/E/G ratio of 1.09 and a beta of 0.97. The firm has a 50-day moving average of $53.62 and a two-hundred day moving average of $52.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.40. Fifth Third Bancorp's dividend payout ratio (DPR) is 57.34%.

Analyst Ratings Changes

A number of brokerages have weighed in on FITB. UBS Group cut their price target on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a "buy" rating for the company in a report on Monday, October 5th. Royal Bank Of Canada lifted their price objective on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. lowered their price objective on shares of Fifth Third Bancorp from $62.00 to $58.00 and set an "overweight" rating on the stock in a research note on Friday, October 2nd. Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Citigroup raised shares of Fifth Third Bancorp from a "neutral" rating to a "buy" rating and increased their target price for the company from $59.00 to $62.00 in a research note on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $60.92.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.

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