KCM Investment Advisors LLC Sells 17,397 Shares of Fifth Third Bancorp (NASDAQ:FITB)

KCM Investment Advisors LLC lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 75.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,692 shares of the financial services provider's stock after selling 17,397 shares during the period. KCM Investment Advisors LLC's holdings in Fifth Third Bancorp were worth $244,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in FITB. Capital World Investors increased its stake in Fifth Third Bancorp by 13.4% during the 1st quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider's stock worth $1,733,847,000 after acquiring an additional 5,512,333 shares during the period. Jupiter Asset Management Ltd. bought a new position in Fifth Third Bancorp during the 2nd quarter worth $33,337,000. Millennium Management LLC increased its stake in Fifth Third Bancorp by 896.7% during the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider's stock worth $23,678,000 after acquiring an additional 583,781 shares during the period. Employees Retirement System of Texas increased its stake in Fifth Third Bancorp by 38.7% during the 2nd quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider's stock worth $52,323,000 after acquiring an additional 399,900 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake 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 acquiring an additional 399,827 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.6 %

Shares of NASDAQ FITB traded down $0.27 on Friday, reaching $46.99. 3,522,731 shares of the company's stock traded hands, compared to its average volume of 4,754,390. The company has a market cap of $31.51 billion, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 2.25 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. The business's 50 day simple moving average is $43.61 and its two-hundred day simple moving average is $40.41. Fifth Third Bancorp has a 12 month low of $26.89 and a 12 month high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its 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 company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $0.92 EPS. As a group, equities research 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. Shareholders of record on Monday, September 30th were paid a $0.37 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.15%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.35. Fifth Third Bancorp's payout ratio is presently 49.17%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the business's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction 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 trade represents a 11.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on FITB. Argus raised their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a "buy" rating in a research note on Monday, July 22nd. Morgan Stanley lifted their price target 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. Bank of America lifted their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, July 22nd. Evercore ISI lifted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an "in-line" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com lowered Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $43.09.

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.