Geode Capital Management LLC Sells 349,603 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Geode Capital Management LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,673,091 shares of the financial services provider's stock after selling 349,603 shares during the quarter. Geode Capital Management LLC owned 2.49% of Fifth Third Bancorp worth $711,922,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC boosted its stake in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider's stock worth $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter worth $39,000. Finally, American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $34,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FITB shares. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Evercore ISI lifted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. Piper Sandler upped their price target on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. 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 research note on Friday, November 15th. Finally, Morgan Stanley boosted their target price on shares of 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Hold" and an average price target of $44.81.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 55,913 shares of the company's stock, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Fifth Third Bancorp Stock Down 0.6 %

Shares of FITB stock traded down $0.29 on Thursday, hitting $45.53. The company's stock had a trading volume of 4,016,407 shares, compared to its average volume of 4,545,204. The stock has a market capitalization of $30.53 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 2.26 and a beta of 1.22. Fifth Third Bancorp has a fifty-two week low of $30.47 and a fifty-two week high of $49.07. The firm's fifty day moving average price is $45.39 and its 200-day moving average price is $41.55. 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 (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. Research analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp's dividend 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.