Independent Advisor Alliance Has $565,000 Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Independent Advisor Alliance boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 11.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,190 shares of the financial services provider’s stock after acquiring an additional 1,367 shares during the period. Independent Advisor Alliance’s holdings in Fifth Third Bancorp were worth $565,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. boosted its stake in shares of Fifth Third Bancorp by 11.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 83,238 shares of the financial services provider’s stock valued at $3,566,000 after purchasing an additional 8,613 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in Fifth Third Bancorp by 11.5% in the third quarter. Kingsview Wealth Management LLC now owns 11,459 shares of the financial services provider’s stock valued at $491,000 after acquiring an additional 1,179 shares during the last quarter. Cerity Partners LLC boosted its stake in Fifth Third Bancorp by 2.1% in the third quarter. Cerity Partners LLC now owns 280,617 shares of the financial services provider’s stock valued at $12,022,000 after acquiring an additional 5,899 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at $1,100,000. Finally, Icon Wealth Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $541,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FITB. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Citigroup upped their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Barclays lifted 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 downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $43.62.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $48.16 on Thursday. The firm’s 50 day moving average is $44.52 and its 200-day moving average is $40.92. 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 capitalization of $32.29 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $26.89 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.07%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.

Insiders Place Their Bets

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.