Argyle Capital Management Inc. Cuts Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Argyle Capital Management Inc. decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 19.4% during the fourth quarter, HoldingsChannel reports. The firm owned 33,200 shares of the financial services provider’s stock after selling 8,000 shares during the period. Argyle Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $1,145,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FITB. GoalVest Advisory LLC increased its position in Fifth Third Bancorp by 145.5% during the 4th quarter. GoalVest Advisory LLC now owns 945 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 560 shares during the period. Denali Advisors LLC purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $36,000. Financial Management Professionals Inc. increased its position in Fifth Third Bancorp by 1,000.0% during the 4th quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,000 shares during the period. Authentikos Wealth Advisory LLC purchased a new position in Fifth Third Bancorp during the 3rd quarter valued at about $46,000. Finally, Friedenthal Financial purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $0.08 on Friday, hitting $36.90. 2,474,530 shares of the company’s stock traded hands, compared to its average volume of 4,563,777. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. Fifth Third Bancorp has a 1-year low of $22.46 and a 1-year high of $37.41. The firm’s 50-day moving average price is $35.54 and its two-hundred day moving average price is $32.32. The firm has a market capitalization of $25.13 billion, a PE ratio of 11.71, a P/E/G ratio of 1.40 and a beta of 1.27.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the previous year, the business posted $0.78 EPS. As a group, analysts expect that Fifth Third Bancorp will post 3.2 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 3.79%. The ex-dividend date was Wednesday, March 27th. Fifth Third Bancorp’s payout ratio is 44.44%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the sale, the executive vice president now directly owns 139,422 shares in the company, valued at approximately $5,072,172.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Kala Gibson sold 14,857 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the completion of the transaction, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jude Schramm sold 5,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the completion of the transaction, the executive vice president now owns 139,422 shares of the company’s stock, valued at $5,072,172.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,357 shares of company stock worth $1,693,888. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. Royal Bank of Canada lifted their price objective on shares of Fifth Third Bancorp from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, January 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.31.

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.