Bank of Hawaii Sells 454 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Bank of Hawaii reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,588 shares of the financial services provider’s stock after selling 454 shares during the period. Bank of Hawaii’s holdings in Fifth Third Bancorp were worth $239,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park National Corp OH boosted its holdings in Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after acquiring an additional 5,411 shares during the period. QRG Capital Management Inc. boosted its stake in Fifth Third Bancorp by 15.1% during the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock valued at $3,078,000 after purchasing an additional 9,444 shares during the period. M&G Plc acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at approximately $1,254,000. Plato Investment Management Ltd bought a new position in Fifth Third Bancorp in the 1st quarter worth approximately $639,000. Finally, BDF Gestion acquired a new position in shares of Fifth Third Bancorp during the second quarter worth approximately $3,837,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FITB has been the topic of several research 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 research note on Monday, October 21st. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley increased their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Finally, Evercore ISI boosted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $43.62.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $48.44 on Tuesday. Fifth Third Bancorp has a 52-week low of $26.89 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a fifty day moving average price of $44.29 and a two-hundred day moving average price of $40.80. The firm has a market capitalization of $32.48 billion, a P/E ratio of 16.09, a P/E/G ratio of 2.29 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate 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 revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 earnings per share. As a group, analysts anticipate that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, September 30th. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Fifth Third Bancorp 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.