Connable Office Inc. Takes $2.05 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Connable Office Inc. bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 47,883 shares of the financial services provider's stock, valued at approximately $2,051,000.

Several other institutional investors also recently modified their holdings of FITB. Capital World Investors boosted its stake in Fifth Third Bancorp by 13.4% in the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider's stock valued at $1,733,847,000 after acquiring an additional 5,512,333 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fifth Third Bancorp by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider's stock worth $356,031,000 after purchasing an additional 281,494 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in Fifth Third Bancorp by 4.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider's stock valued at $371,837,000 after purchasing an additional 399,827 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Fifth Third Bancorp by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider's stock valued at $74,184,000 after purchasing an additional 19,572 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Fifth Third Bancorp by 3.4% in the second quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider's stock worth $62,096,000 after buying an additional 56,298 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded down $0.27 during midday trading on Friday, hitting $46.99. The company had a trading volume of 3,522,652 shares, compared to its average volume of 4,600,032. The company has a market capitalization of $31.51 billion, a PE ratio of 15.81, a P/E/G ratio of 2.26 and a beta of 1.21. 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 has a 52-week low of $26.89 and a 52-week high of $48.10. The stock's fifty day moving average price is $43.49 and its 200-day moving average price is $40.29.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion during 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%. Fifth Third Bancorp'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 company posted $0.92 earnings per share. As a group, research analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.15%. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp's payout ratio is presently 49.17%.

Analysts Set New Price Targets

FITB has been the subject of several research reports. Barclays increased their price target on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. StockNews.com downgraded shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Royal Bank of Canada upped their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an "outperform" rating in a research note on Monday, July 22nd. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Baird R W downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $43.09.

Insider Activity

In related 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 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 $4,805,724. The trade was a 14.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction 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. The trade was a 11.83 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

Fifth Third Bancorp Company 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.