Gladstone Institutional Advisory LLC Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Gladstone Institutional Advisory LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,753 shares of the financial services provider's stock, valued at approximately $632,000.

Several other institutional investors have also added to or reduced their stakes in the business. W Advisors LLC purchased a new stake in Fifth Third Bancorp during the third quarter valued at about $201,000. Nadler Financial Group Inc. purchased a new stake in shares of Fifth Third Bancorp during the third quarter worth about $230,000. Pinnacle Associates Ltd. boosted its holdings in shares of Fifth Third Bancorp by 5.4% during the third quarter. Pinnacle Associates Ltd. now owns 6,016 shares of the financial services provider's stock worth $258,000 after purchasing an additional 306 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in shares of Fifth Third Bancorp by 7.6% during the third quarter. First Trust Direct Indexing L.P. now owns 19,220 shares of the financial services provider's stock worth $823,000 after purchasing an additional 1,363 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its holdings in shares of Fifth Third Bancorp by 1,787.3% during the third quarter. Abich Financial Wealth Management LLC now owns 1,340 shares of the financial services provider's stock worth $57,000 after purchasing an additional 1,269 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.31 during mid-day trading on Monday, hitting $42.83. 4,038,341 shares of the company traded hands, compared to its average volume of 4,615,440. The stock's fifty day moving average price is $42.82 and its 200-day moving average price is $39.80. Fifth Third Bancorp has a one year low of $24.64 and a one year high of $45.71. 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 firm has a market cap of $28.99 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 2.09 and a beta of 1.21.

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 the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the firm posted $0.92 EPS. The business's revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 3.33 earnings per share for the current fiscal 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 given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.46%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp's payout ratio is presently 49.17%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FITB shares. Bank of America increased their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. Argus raised their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. Morgan Stanley raised 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. Baird R W downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 21st. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $42.28.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of the business's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Jude Schramm sold 20,000 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the business's stock in a transaction dated 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 owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 0.00 % decrease in their ownership of the stock. 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.