MidWestOne Financial Group Inc. Cuts Position in Fifth Third Bancorp (NASDAQ:FITB)

MidWestOne Financial Group Inc. trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 21.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,254 shares of the financial services provider’s stock after selling 4,342 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $696,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FITB. QRG Capital Management Inc. boosted its stake in Fifth Third Bancorp by 15.1% in the third quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after acquiring an additional 9,444 shares during the last quarter. M&G Plc bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $1,254,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Fifth Third Bancorp by 13.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock valued at $19,776,000 after purchasing an additional 55,081 shares during the last quarter. Icon Wealth Advisors LLC bought a new position in Fifth Third Bancorp during the third quarter valued at $541,000. Finally, Dimensional Fund Advisors LP increased its position in Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after buying an additional 281,494 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Down 0.3 %

NASDAQ FITB opened at $46.39 on Wednesday. The firm has a market cap of $31.11 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 2.26 and a beta of 1.22. Fifth Third Bancorp has a 1-year low of $30.47 and a 1-year high of $49.07. The stock has a 50-day moving average of $45.23 and a 200-day moving average of $41.45. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly 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). The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.19%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Finally, Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and a consensus target price of $44.81.

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.