Avalon Advisory Group Sells 23,529 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Avalon Advisory Group trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 43.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,192 shares of the financial services provider's stock after selling 23,529 shares during the quarter. Fifth Third Bancorp makes up about 0.6% of Avalon Advisory Group's investment portfolio, making the stock its 9th largest holding. Avalon Advisory Group's holdings in Fifth Third Bancorp were worth $1,336,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.7% during the 3rd 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 buying an additional 732,651 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider's stock valued at $356,031,000 after buying an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Fifth Third Bancorp by 4.8% in the 3rd 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 acquiring an additional 399,827 shares in the last quarter. Smead Capital Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock valued at $95,278,000 after acquiring an additional 75,024 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Fifth Third Bancorp by 1.1% in the 3rd 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 acquiring an additional 19,572 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB traded down $0.10 on Monday, reaching $48.06. 2,029,811 shares of the stock traded hands, compared to its average volume of 4,570,171. The firm has a market cap of $32.23 billion, a price-to-earnings ratio of 15.97, a P/E/G ratio of 2.30 and a beta of 1.21. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 12 month low of $28.29 and a 12 month high of $49.07. The stock's 50-day moving average price is $44.70 and its 200-day moving average price is $41.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.37 dividend. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.08%. Fifth Third Bancorp's payout ratio is currently 49.17%.

Analysts Set New Price Targets

FITB has been the topic of a number of recent analyst reports. StockNews.com downgraded Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Citigroup raised their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Morgan Stanley raised their price objective 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. Barclays raised their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company raised their price objective 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $43.62.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by insiders.

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.