Fifth Third Bancorp (NASDAQ:FITB) EVP Jude Schramm Sells 20,000 Shares of Stock

Key Points

• Insider sale: Fifth Third EVP Jude Schramm sold 20,000 shares for approximately $1.06 million at an average price of $53.14, reducing his direct holdings by 14.14% to 121,460 shares.
• Strong quarterly results: Fifth Third reported earnings of $1.13 per share, beating the $0.86 analyst consensus, while revenue rose 42.4% year over year to $3.28 billion.
• Positive investor outlook: The bank increased its quarterly dividend to $0.42, and analysts maintain a “Moderate Buy” consensus with an average price target of $60.77 versus the reported share price of $53.54.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) EVP Jude Schramm sold 20,000 shares of the business's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction 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 trade represents a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Fifth Third Bancorp Price Performance

Shares of FITB stock traded down $0.05 during mid-day trading on Wednesday, reaching $53.54. The company's stock had a trading volume of 6,645,352 shares, compared to its average volume of 8,315,958. The firm's 50-day moving average is $52.85 and its two-hundred day moving average is $51.95. The company has a market cap of $48.55 billion, a P/E ratio of 17.97, a PEG ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm's revenue for the quarter was up 42.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.40. Fifth Third Bancorp's dividend payout ratio is currently 57.53%.

Hedge Funds Weigh In On Fifth Third Bancorp

Several institutional investors have recently bought and sold shares of FITB. Wellington Management Group LLP lifted its position in Fifth Third Bancorp by 20.2% during the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider's stock worth $1,333,362,000 after buying an additional 3,972,795 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $1,324,903,000. Bank of America Corp DE acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $995,717,000. Dimensional Fund Advisors LP raised its stake in shares of Fifth Third Bancorp by 30.8% in the first quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider's stock worth $507,151,000 after acquiring an additional 2,569,479 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fifth Third Bancorp by 16.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider's stock worth $416,241,000 after acquiring an additional 1,049,520 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on FITB. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. DA Davidson boosted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 20th. TD Cowen started coverage on shares of Fifth Third Bancorp in a report on Thursday, October 8th. They issued a "buy" rating and a $60.00 target price on the stock. Stephens dropped their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 21st. Finally, Jefferies Financial Group cut their price target on shares of 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 analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $60.77.

Fifth Third Bancorp Company 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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