Fifth Third Bancorp $FITB Holdings Cut by Federated Hermes Inc.

Federated Hermes Inc. reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 71.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,628 shares of the financial services provider’s stock after selling 38,645 shares during the period. Federated Hermes Inc.’s holdings in Fifth Third Bancorp were worth $696,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FITB. Vanguard Group Inc. lifted its stake in 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 during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 1.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after acquiring an additional 398,517 shares during the period. Invesco Ltd. lifted its position in Fifth Third Bancorp by 16.6% in the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock valued at $850,473,000 after purchasing an additional 2,941,333 shares during the last quarter. Geode Capital Management LLC boosted its stake in Fifth Third Bancorp by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after purchasing an additional 619,956 shares during the period. Finally, Norges Bank bought a new position in Fifth Third Bancorp in the 2nd quarter worth about $357,440,000. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their price objective on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. UBS Group reissued a “buy” rating and issued a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday. Royal Bank Of Canada lifted their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, Evercore increased their target price on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a research report on Thursday. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.58.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $55.08 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The firm’s 50 day moving average is $48.74 and its 200-day moving average is $45.22. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $55.36. The stock has a market capitalization of $36.41 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.12 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The firm had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. Equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the transaction, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

About Fifth Third Bancorp

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.