West Oak Capital LLC Purchases New Position in Fifth Third Bancorp (NASDAQ:FITB)

West Oak Capital LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,600 shares of the financial services provider’s stock, valued at approximately $68,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FITB. B. Riley Wealth Advisors Inc. grew its holdings in shares of Fifth Third Bancorp by 2.3% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 28,747 shares of the financial services provider’s stock worth $1,002,000 after acquiring an additional 652 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $474,000. Mather Group LLC. purchased a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $56,000. Czech National Bank grew its stake in shares of Fifth Third Bancorp by 0.5% in the 1st quarter. Czech National Bank now owns 119,861 shares of the financial services provider’s stock worth $4,460,000 after buying an additional 586 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in shares of Fifth Third Bancorp by 11.4% in the 1st quarter. Wedmont Private Capital now owns 7,098 shares of the financial services provider’s stock worth $258,000 after buying an additional 728 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity

In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total value of $494,520.00. Following the transaction, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,000 shares of company stock valued at $2,169,920 in the last ninety days. 0.50% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $44.67 on Friday. The business’s fifty day moving average price is $42.15 and its 200-day moving average price is $39.08. The stock has a market capitalization of $30.56 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.94 and a beta of 1.22. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last released 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 firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 earnings per share. On average, equities analysts predict that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.31%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FITB. Evercore ISI upped their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. Bank of America upped their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Argus upped their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and an average target price of $41.78.

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.