Fifth Third Bancorp $FITB Shares Sold by Johnson Investment Counsel Inc.

by · The Markets Daily

Johnson Investment Counsel Inc. decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 0.4% in the second quarter, HoldingsChannel.com reports. The firm owned 143,146 shares of the financial services provider’s stock after selling 547 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Fifth Third Bancorp were worth $5,888,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Trust Co. of Toledo NA OH raised its holdings in Fifth Third Bancorp by 6.3% in the 2nd quarter. Trust Co. of Toledo NA OH now owns 54,973 shares of the financial services provider’s stock worth $2,261,000 after purchasing an additional 3,280 shares during the period. Aberdeen Group plc raised its holdings in Fifth Third Bancorp by 4.7% in the 2nd quarter. Aberdeen Group plc now owns 558,496 shares of the financial services provider’s stock worth $23,125,000 after purchasing an additional 25,186 shares during the period. Lmcg Investments LLC raised its holdings in Fifth Third Bancorp by 0.3% in the 2nd quarter. Lmcg Investments LLC now owns 219,658 shares of the financial services provider’s stock worth $9,035,000 after purchasing an additional 560 shares during the period. PDS Planning Inc raised its holdings in Fifth Third Bancorp by 11.0% in the 2nd quarter. PDS Planning Inc now owns 5,850 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 578 shares during the period. Finally, Blue Trust Inc. raised its holdings in Fifth Third Bancorp by 32.4% in the 2nd quarter. Blue Trust Inc. now owns 3,018 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 738 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $41.47 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50 day simple moving average of $44.23 and a 200-day simple moving average of $40.73. The firm has a market capitalization of $27.45 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.12 and a beta of 0.95. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.69%.

Fifth Third Bancorp announced that its board has initiated a share repurchase plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FITB. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. DA Davidson boosted their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Robert W. Baird boosted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. The Goldman Sachs Group boosted their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Finally, Stephens boosted their price objective on Fifth Third Bancorp from $47.00 to $49.00 in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.20.

View Our Latest Analysis on FITB

Fifth Third Bancorp Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB – Free Report).