WBI Investments LLC Reduces Holdings in Fifth Third Bancorp (NASDAQ:FITB)

WBI Investments LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,385 shares of the financial services provider’s stock after selling 2,224 shares during the quarter. WBI Investments LLC’s holdings in Fifth Third Bancorp were worth $498,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of Fifth Third Bancorp during the first quarter worth about $29,000. GoalVest Advisory LLC grew its holdings in shares of Fifth Third Bancorp by 145.5% during the fourth quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock worth $33,000 after buying an additional 560 shares during the last quarter. Denali Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $36,000. Financial Management Professionals Inc. grew its holdings in shares of Fifth Third Bancorp by 1,000.0% during the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock worth $38,000 after buying an additional 1,000 shares during the last quarter. Finally, Centerpoint Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after buying an additional 750 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 3.9 %

FITB stock traded up $1.43 during trading on Thursday, reaching $38.28. The stock had a trading volume of 3,465,644 shares, compared to its average volume of 4,843,034. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $39.14. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $26.19 billion, a P/E ratio of 11.70, a PEG ratio of 2.49 and a beta of 1.24. The firm has a fifty day moving average price of $36.86 and a 200 day moving average price of $35.69.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the previous year, the business posted $0.78 EPS. On average, equities analysts anticipate that Fifth Third Bancorp will post 3.29 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 3.66%. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FITB. Jefferies Financial Group lifted their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Evercore ISI lowered their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Robert W. Baird reiterated a “neutral” rating and set a $32.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 1st. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.15.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total value of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares in the company, valued at approximately $5,134,575. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fifth Third Bancorp news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the transaction, the executive vice president now owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total transaction of $93,750.00. Following the completion of the transaction, the executive vice president now owns 136,922 shares of the company’s stock, valued at approximately $5,134,575. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

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.