L.M. Kohn & Company Trims Position in Fifth Third Bancorp (NASDAQ:FITB)

L.M. Kohn & Company reduced its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,365 shares of the financial services provider’s stock after selling 435 shares during the period. L.M. Kohn & Company’s holdings in Fifth Third Bancorp were worth $2,415,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FITB. OneDigital Investment Advisors LLC grew its position in Fifth Third Bancorp by 1.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock worth $878,000 after purchasing an additional 222 shares during the period. Transamerica Financial Advisors Inc. boosted its stake in shares of Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after buying an additional 232 shares during the last quarter. Quent Capital LLC grew its holdings in Fifth Third Bancorp by 9.9% during the third quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 248 shares during the period. Diversified Trust Co raised its position in Fifth Third Bancorp by 2.6% during the third quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock valued at $433,000 after acquiring an additional 259 shares in the last quarter. Finally, Metis Global Partners LLC lifted its holdings in Fifth Third Bancorp by 1.2% in the third quarter. Metis Global Partners LLC now owns 21,749 shares of the financial services provider’s stock valued at $932,000 after acquiring an additional 260 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $48.06 on Friday. The firm has a 50-day simple moving average of $44.70 and a 200-day simple moving average of $41.03. 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 stock has a market capitalization of $32.23 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 2.30 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $28.29 and a 52 week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts predict 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. Stockholders of record on Monday, September 30th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 49.17%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FITB. Barclays lifted their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Evercore ISI lifted their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company upped their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $43.62.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

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.