Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 33.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 917,681 shares of the financial services provider's stock after selling 466,810 shares during the period. Victory Capital Management Inc. owned about 0.14% of Fifth Third Bancorp worth $39,313,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Venturi Wealth Management LLC grew its position 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 buying an additional 316 shares during the period. Hexagon Capital Partners LLC grew its position 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 valued at $37,000 after acquiring an additional 312 shares during the period. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $34,000. Catalyst Capital Advisors LLC acquired a new position in Fifth Third Bancorp in the 3rd quarter worth about $53,000. Finally, Abich Financial Wealth Management LLC boosted its position in 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 in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.6 %

Shares of FITB traded down $0.27 during midday trading on Friday, reaching $46.99. The company had a trading volume of 3,522,731 shares, compared to its average volume of 4,600,032. The firm has a 50 day simple moving average of $43.61 and a 200-day simple moving average of $40.36. 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 stock has a market cap of $31.51 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $26.89 and a 1-year high of $48.10.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued 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). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period last year, the firm earned $0.92 earnings per share. Fifth Third Bancorp's revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts forecast that Fifth Third Bancorp will post 3.34 EPS 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. Investors of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.15%. This is a positive change 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 dividend payout ratio is presently 49.17%.

Wall Street Analyst Weigh In

FITB has been the subject of several research analyst reports. Royal Bank of Canada upped their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an "outperform" rating in a research note on Monday, July 22nd. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Friday. Baird R W cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 21st. Argus raised their price target on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a "buy" rating in a research note on Monday, July 22nd. Finally, Barclays lifted their price objective on Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an "overweight" rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $43.09.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on 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 owns 114,422 shares in the company, valued at approximately $4,805,724. This trade represents a 14.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kristine R. Garrett sold 7,500 shares of the company's stock in a transaction 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 transaction, the executive vice president now owns 55,913 shares in the company, valued at $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 insiders.

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.