Smead Capital Management Inc. Buys 75,024 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Smead Capital Management Inc. grew its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,224,047 shares of the financial services provider's stock after acquiring an additional 75,024 shares during the period. Fifth Third Bancorp accounts for approximately 1.4% of Smead Capital Management Inc.'s investment portfolio, making the stock its 24th biggest position. Smead Capital Management Inc. owned 0.33% of Fifth Third Bancorp worth $95,278,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Capital World Investors lifted its stake in shares of Fifth Third Bancorp by 13.4% in the 1st 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 position in 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 worth $356,031,000 after purchasing an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider's stock worth $371,837,000 after purchasing an additional 399,827 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Fifth Third Bancorp by 1.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider's stock worth $74,184,000 after purchasing an additional 19,572 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Fifth Third Bancorp by 3.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider's stock worth $62,096,000 after purchasing an additional 56,298 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Down 0.8 %

Shares of FITB traded down $0.38 during trading hours on Tuesday, hitting $46.44. The stock had a trading volume of 2,891,726 shares, compared to its average volume of 4,592,867. The firm has a market capitalization of $31.14 billion, a P/E ratio of 15.43, a price-to-earnings-growth ratio of 2.25 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 1-year low of $26.89 and a 1-year high of $48.10. The firm has a 50 day simple moving average of $43.83 and a 200-day simple moving average of $40.54.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results 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 company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. Sell-side analysts predict 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. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 3.19%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.35. Fifth Third Bancorp's payout ratio is 49.17%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Baird R W lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 21st. Royal Bank of Canada raised their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an "outperform" rating in a research report on Monday, July 22nd. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. 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. Finally, Argus increased their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $43.09.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred 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 transaction, the executive vice president now owns 55,913 shares of the company's stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the transaction, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 14.88 % decrease in their position. The disclosure for this sale can be found here. Company 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.