New England Asset Management Inc. Trims Stake in Fifth Third Bancorp (NASDAQ:FITB)

New England Asset Management Inc. reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 5.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 201,315 shares of the financial services provider's stock after selling 12,180 shares during the period. Fifth Third Bancorp makes up about 1.3% of New England Asset Management Inc.'s portfolio, making the stock its 19th biggest holding. New England Asset Management Inc.'s holdings in Fifth Third Bancorp were worth $8,624,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Venturi Wealth Management LLC raised its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 316 shares in the last quarter. American Capital Advisory LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $34,000. Hexagon Capital Partners LLC raised its holdings in Fifth Third Bancorp by 56.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Fifth Third Bancorp in the 3rd quarter valued at $39,000. Finally, Family Firm Inc. acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at $52,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 0.8 %

Shares of NASDAQ FITB traded down $0.38 during trading on Tuesday, reaching $46.44. The company had a trading volume of 2,891,726 shares, compared to its average volume of 4,592,867. The company's fifty day moving average price is $43.72 and its 200-day moving average price is $40.48. Fifth Third Bancorp has a 12 month low of $26.89 and a 12 month high of $48.10. The stock has a market cap of $31.14 billion, a P/E ratio of 15.40, a PEG 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.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced 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 business had revenue of $2.19 billion during 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%. The firm's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. As a group, research analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current 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 paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.19%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp's payout ratio is currently 49.17%.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of the company's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now directly owns 114,422 shares of the company's stock, valued at $4,805,724. This represents a 14.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction on Monday, October 28th. The shares were 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 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. 0.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Argus lifted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Royal Bank of Canada lifted their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the company an "outperform" 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. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Friday. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Hold" and a consensus price target of $43.09.

Fifth Third Bancorp Company 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.