Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by Smead Capital Management Inc.

Smead Capital Management Inc. grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,224,047 shares of the financial services provider’s stock after acquiring an additional 75,024 shares during the quarter. Fifth Third Bancorp comprises 1.4% of Smead Capital Management Inc.’s portfolio, making the stock its 24th biggest position. Smead Capital Management Inc. owned about 0.33% of Fifth Third Bancorp worth $95,278,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Kingsview Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 10.2% during the 1st quarter. Kingsview Wealth Management LLC now owns 9,693 shares of the financial services provider’s stock valued at $361,000 after acquiring an additional 900 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in Fifth Third Bancorp during the 1st quarter worth $508,000. O Shaughnessy Asset Management LLC lifted its holdings in Fifth Third Bancorp by 35.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 60,382 shares of the financial services provider’s stock worth $2,247,000 after buying an additional 15,838 shares in the last quarter. UniSuper Management Pty Ltd grew its stake in shares of Fifth Third Bancorp by 1,040.4% during the first quarter. UniSuper Management Pty Ltd now owns 24,244 shares of the financial services provider’s stock valued at $902,000 after acquiring an additional 22,118 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Fifth Third Bancorp by 237.4% during the first quarter. Bessemer Group Inc. now owns 54,093 shares of the financial services provider’s stock worth $2,013,000 after acquiring an additional 38,061 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. This trade represents a 14.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $46.82 on Tuesday. The stock has a market capitalization of $31.39 billion, a P/E ratio of 15.55, a P/E/G ratio of 2.25 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $26.89 and a 12-month high of $48.10. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The firm’s 50 day moving average is $43.72 and its 200-day moving average is $40.48.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data 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 the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.92 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 49.17%.

Wall Street Analyst Weigh In

FITB has been the subject of a number of recent analyst reports. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Evercore ISI boosted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Royal Bank of Canada boosted their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Morgan Stanley lifted their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, Bank of America raised their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Hold” and a consensus target price of $43.09.

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.