Olstein Capital Management L.P. Decreases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Olstein Capital Management L.P. cut its stake in Fifth Third Bancorp (NASDAQ:FITB) by 16.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,000 shares of the financial services provider’s stock after selling 27,000 shares during the period. Olstein Capital Management L.P.’s holdings in Fifth Third Bancorp were worth $5,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Retirement Wealth Solutions LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter valued at $25,000. Venturi Wealth Management LLC boosted its position in shares of Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the third quarter valued at about $36,000. Hexagon Capital Partners LLC increased its position in Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in Fifth Third Bancorp during the third quarter worth about $39,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.8 %

NASDAQ:FITB opened at $44.18 on Friday. Fifth Third Bancorp has a 12-month low of $32.29 and a 12-month high of $49.07. The firm has a market cap of $29.62 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $44.72 and a 200 day moving average price of $43.08.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 47.13%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FITB shares. Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Evercore ISI upped 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. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Citigroup upped their target price 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, November 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Hold” and a consensus price target of $46.75.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred 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 owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.