Wealth Dimensions Group Ltd. Sells 903 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Wealth Dimensions Group Ltd. trimmed its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 71,214 shares of the financial services provider’s stock after selling 903 shares during the quarter. Fifth Third Bancorp comprises 0.7% of Wealth Dimensions Group Ltd.’s investment portfolio, making the stock its 20th largest position. Wealth Dimensions Group Ltd.’s holdings in Fifth Third Bancorp were worth $2,599,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Morningstar Investment Management LLC purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $2,257,000. Bank of Nova Scotia boosted its stake in shares of Fifth Third Bancorp by 31.6% in the fourth quarter. Bank of Nova Scotia now owns 88,587 shares of the financial services provider’s stock worth $3,056,000 after buying an additional 21,251 shares during the last quarter. Park National Corp OH boosted its stake in shares of Fifth Third Bancorp by 15.0% in the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock worth $1,514,000 after buying an additional 5,411 shares during the last quarter. rhino investment partners Inc boosted its stake in shares of Fifth Third Bancorp by 20.1% in the fourth quarter. rhino investment partners Inc now owns 1,301,553 shares of the financial services provider’s stock worth $44,891,000 after buying an additional 217,956 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Fifth Third Bancorp by 8.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after buying an additional 21,612 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $42.07 on Monday. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $42.91. The stock’s 50 day moving average is $40.60 and its two-hundred day moving average is $37.90. The firm has a market capitalization of $28.78 billion, a PE ratio of 13.36, a P/E/G ratio of 1.93 and a beta of 1.22. 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 posted its earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. During the same period in the previous year, the company posted $0.87 EPS. Research analysts anticipate that Fifth Third Bancorp will post 3.3 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.52%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FITB shares. Wolfe Research upgraded Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research note on Friday, May 31st. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $40.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Stephens reiterated an “equal weight” rating and set a $41.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Bank of America increased their price target on Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Royal Bank of Canada increased their price target on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $40.56.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 20,000 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the sale, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Kevin P. Lavender sold 20,000 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the sale, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock worth $2,269,920 in the last ninety days. Insiders own 0.50% 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.