Cinctive Capital Management LP Grows Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Cinctive Capital Management LP lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 946.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,821 shares of the financial services provider's stock after acquiring an additional 79,428 shares during the quarter. Cinctive Capital Management LP's holdings in Fifth Third Bancorp were worth $3,762,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FITB. Benjamin Edwards Inc. raised its position in shares of Fifth Third Bancorp by 139.4% during the third quarter. Benjamin Edwards Inc. now owns 11,190 shares of the financial services provider's stock worth $479,000 after acquiring an additional 6,515 shares during the last quarter. Atom Investors LP raised its stake in Fifth Third Bancorp by 108.5% during the third quarter. Atom Investors LP now owns 52,643 shares of the financial services provider's stock worth $2,255,000 after buying an additional 27,397 shares during the last quarter. Paloma Partners Management Co lifted its holdings in Fifth Third Bancorp by 201.6% in the third quarter. Paloma Partners Management Co now owns 14,400 shares of the financial services provider's stock valued at $617,000 after buying an additional 28,567 shares during the period. FSA Wealth Management LLC acquired a new stake in Fifth Third Bancorp during the 3rd quarter worth about $333,000. Finally, Captrust Financial Advisors lifted its stake in shares of Fifth Third Bancorp by 0.6% in the 3rd quarter. Captrust Financial Advisors now owns 144,114 shares of the financial services provider's stock valued at $6,174,000 after purchasing an additional 887 shares during the period. Institutional investors own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm'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 value of $327,525.00. Following the sale, the executive vice president now directly owns 55,913 shares of the company's stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FITB shares. Morgan Stanley lifted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Barclays lifted their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Piper Sandler raised their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Evercore ISI increased their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $44.19.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded down $0.40 during mid-day trading on Tuesday, reaching $47.17. The company had a trading volume of 1,121,609 shares, compared to its average volume of 4,548,741. The company's 50-day moving average price is $44.80 and its 200-day moving average price is $41.13. Fifth Third Bancorp has a one year low of $30.01 and a one year high of $49.07. The firm has a market cap of $31.63 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.30 and a beta of 1.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing analysts' consensus estimates 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 net margin of 16.58% and a return on equity of 14.58%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 EPS. As a group, 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 disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.14%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.35. Fifth Third Bancorp's payout ratio is currently 49.17%.

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.