Bank of New York Mellon Corp Lowers Stock Position in Fifth Third Bancorp $FITB

Bank of New York Mellon Corp cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,940,358 shares of the financial services provider’s stock after selling 12,650 shares during the period. Bank of New York Mellon Corp’s holdings in Fifth Third Bancorp were worth $175,543,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at approximately $357,440,000. Invesco Ltd. boosted its position in shares of Fifth Third Bancorp by 16.6% during the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after buying an additional 2,941,333 shares during the period. Vanguard Group Inc. grew its stake in shares of Fifth Third Bancorp by 1.6% in the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after buying an additional 1,301,624 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Fifth Third Bancorp in the second quarter valued at $52,643,000. Finally, Franklin Resources Inc. raised its holdings in shares of Fifth Third Bancorp by 20.7% in the 2nd quarter. Franklin Resources Inc. now owns 7,240,976 shares of the financial services provider’s stock valued at $297,821,000 after buying an additional 1,240,709 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $50.22 on Friday. The company has a market cap of $33.20 billion, a P/E ratio of 14.19, a PEG ratio of 1.00 and a beta of 0.97. The firm has a fifty day moving average price of $47.70 and a 200 day moving average price of $44.83. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $53.33.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The business had revenue of $3.82 billion during the quarter. Sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Analyst Ratings Changes

FITB has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Wednesday, January 21st. Stephens lifted their price objective on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. TD Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research note on Wednesday, January 7th. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Piper Sandler boosted their price target on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.21.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.