Fifth Third Bancorp (NASDAQ:FITB) is Avalon Advisory Group’s 9th Largest Position

Avalon Advisory Group lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 27,240 shares of the financial services provider’s stock after selling 3,952 shares during the period. Fifth Third Bancorp accounts for about 0.5% of Avalon Advisory Group’s investment portfolio, making the stock its 9th biggest holding. Avalon Advisory Group’s holdings in Fifth Third Bancorp were worth $1,152,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of FITB. Charles Schwab Investment Management Inc. grew its holdings in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $28,490,000. Millennium Management LLC boosted its stake in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after acquiring an additional 583,781 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Fifth Third Bancorp by 76.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after acquiring an additional 575,449 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Fifth Third Bancorp by 8.1% in the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 2.5 %

FITB opened at $44.34 on Friday. The stock’s fifty day moving average is $45.02 and its two-hundred day moving average is $42.82. The company has a market capitalization of $29.73 billion, a P/E ratio of 14.73, a PEG ratio of 1.79 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion for 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%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 earnings per share. Analysts forecast that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FITB shares. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Piper Sandler upped their price objective on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley increased their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average target price of $45.92.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the 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 sale, the executive vice president now owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.