Stock Yards Bank & Trust Co. Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Stock Yards Bank & Trust Co. reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,780 shares of the financial services provider’s stock after selling 582 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Fifth Third Bancorp were worth $419,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FITB. Venturi Wealth Management LLC raised its stake in shares of Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter worth about $36,000. Hexagon Capital Partners LLC lifted its stake in Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at about $39,000. Finally, American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the second quarter worth approximately $34,000. 83.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s 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 transaction, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Up 0.0 %

Shares of NASDAQ FITB opened at $45.55 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $45.54 and a 200 day moving average price of $41.63. The firm has a market capitalization of $30.54 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 2.19 and a beta of 1.22. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly 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 business had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Sell-side analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

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 issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Barclays raised their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler boosted their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. One 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $44.81.

About Fifth Third Bancorp

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.