Metis Global Partners LLC Sells 2,929 Shares of Fifth Third Bancorp $FITB

Metis Global Partners LLC decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 10.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,932 shares of the financial services provider’s stock after selling 2,929 shares during the period. Metis Global Partners LLC’s holdings in Fifth Third Bancorp were worth $984,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in Fifth Third Bancorp during the first quarter worth about $27,000. Activest Wealth Management lifted its holdings in shares of Fifth Third Bancorp by 1,043.3% during the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 626 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 357 shares during the period. GoalVest Advisory LLC increased its stake in Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares in the last quarter. Finally, Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. The Goldman Sachs Group upped their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. DA Davidson lifted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Evercore ISI cut their price target on Fifth Third Bancorp from $49.00 to $47.00 in a report on Thursday, October 30th. Finally, Janney Montgomery Scott increased their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $50.35.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $42.99 on Wednesday. The stock has a market capitalization of $28.42 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.14 and a beta of 0.98. The business has a 50-day moving average of $43.73 and a 200-day moving average of $41.83. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company posted $0.78 earnings per share. Fifth Third Bancorp’s revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is currently 47.76%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.53% of the company’s stock.

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.