United Services Automobile Association Reduces Holdings in Fifth Third Bancorp (NASDAQ:FITB)

United Services Automobile Association reduced its position in Fifth Third Bancorp (NASDAQ:FITB) by 18.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 17,267 shares of the financial services provider’s stock after selling 3,913 shares during the period. United Services Automobile Association’s holdings in Fifth Third Bancorp were worth $740,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FITB. Kovitz Investment Group Partners LLC boosted its holdings in Fifth Third Bancorp by 13.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 271,493 shares of the financial services provider’s stock valued at $11,293,000 after purchasing an additional 32,894 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at approximately $1,337,000. Quantinno Capital Management LP grew its position in shares of Fifth Third Bancorp by 17.1% during the third quarter. Quantinno Capital Management LP now owns 75,257 shares of the financial services provider’s stock worth $3,224,000 after buying an additional 10,991 shares in the last quarter. RBF Capital LLC bought a new stake in shares of Fifth Third Bancorp in the third quarter worth $231,000. Finally, Royal London Asset Management Ltd. raised its holdings in Fifth Third Bancorp by 2.6% in the third quarter. Royal London Asset Management Ltd. now owns 263,429 shares of the financial services provider’s stock valued at $11,285,000 after acquiring an additional 6,725 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Down 0.2 %

Shares of NASDAQ:FITB opened at $47.21 on Monday. Fifth Third Bancorp has a fifty-two week low of $30.20 and a fifty-two week high of $49.07. 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 company has a market cap of $31.66 billion, a PE ratio of 15.68, a P/E/G ratio of 2.24 and a beta of 1.22. The company’s 50-day moving average price is $45.15 and its 200 day moving average price is $41.39.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the firm posted $0.92 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.37 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.13%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Analyst Ratings Changes

FITB has been the subject of several recent analyst reports. Barclays raised their price objective on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Piper Sandler increased their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, StockNews.com cut 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, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $44.81.

Insider Activity

In other news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

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.