Busey Bank Decreases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Busey Bank cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 16.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,199 shares of the financial services provider’s stock after selling 1,606 shares during the quarter. Busey Bank’s holdings in Fifth Third Bancorp were worth $351,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its stake in shares of Fifth Third Bancorp by 8.7% in the third quarter. Assenagon Asset Management S.A. now owns 21,705 shares of the financial services provider’s stock valued at $930,000 after buying an additional 1,740 shares in the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $680,000. Great Lakes Retirement Inc. boosted its stake in shares of Fifth Third Bancorp by 886.9% in the third quarter. Great Lakes Retirement Inc. now owns 8,556 shares of the financial services provider’s stock valued at $367,000 after buying an additional 7,689 shares in the last quarter. Tanager Wealth Management LLP purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $210,000. Finally, Axecap Investments LLC purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $2,164,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $43.22 on Friday. The firm has a market capitalization of $29.56 billion, a P/E ratio of 13.72, a PEG ratio of 1.94 and a beta of 1.22. The stock has a fifty day moving average price of $42.49 and a 200 day moving average price of $39.30. Fifth Third Bancorp has a 52 week low of $22.75 and a 52 week high of $45.71. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate 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 17.41% and a return on equity of 15.79%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is 46.98%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Evercore ISI lifted their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. 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. Royal Bank of Canada lifted their price objective on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Argus lifted their price objective on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Morgan Stanley lifted their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.28.

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.