Brophy Wealth Management LLC Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Brophy Wealth Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, HoldingsChannel.com reports. The firm bought 7,047 shares of the financial services provider’s stock, valued at approximately $302,000.

A number of other hedge funds also recently bought and sold shares of FITB. OneDigital Investment Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 1.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after purchasing an additional 222 shares during the last quarter. Transamerica Financial Advisors Inc. lifted its holdings in shares of Fifth Third Bancorp by 7.5% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 232 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Fifth Third Bancorp by 9.9% during the 3rd quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 248 shares during the last quarter. Diversified Trust Co lifted its holdings in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 259 shares during the last quarter. Finally, Metis Global Partners LLC lifted its holdings in shares of Fifth Third Bancorp by 1.2% during the 3rd quarter. Metis Global Partners LLC now owns 21,749 shares of the financial services provider’s stock valued at $932,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the topic of several research reports. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Citigroup upped their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley upped their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Hold” and a consensus target price of $44.81.

Fifth Third Bancorp Trading Down 0.3 %

Shares of Fifth Third Bancorp stock opened at $46.39 on Wednesday. The stock has a market cap of $31.11 billion, a P/E ratio of 15.41, a P/E/G ratio of 2.26 and a beta of 1.22. The stock’s 50 day simple moving average is $45.23 and its 200-day simple moving average is $41.45. Fifth Third Bancorp has a 1-year low of $30.47 and a 1-year high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 earnings per share. Analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.19%. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp 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.