Fifth Third Bancorp Reduces Stock Position in Fifth Third Bancorp $FITB

Fifth Third Bancorp trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 7.5% during the third quarter, Holdings Channel.com reports. The firm owned 713,418 shares of the financial services provider’s stock after selling 57,604 shares during the period. Fifth Third Bancorp’s holdings in Fifth Third Bancorp were worth $31,783,000 at the end of the most recent quarter.

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

Insider Activity

In other Fifth Third Bancorp 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 sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $52.86 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $55.44. The company has a fifty day moving average price of $49.81 and a two-hundred day moving average price of $45.71. The company has a market cap of $34.94 billion, a PE ratio of 14.93, a P/E/G ratio of 1.07 and a beta of 0.98.

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

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FITB shares. Jefferies Financial Group boosted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. DA Davidson upped their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, January 26th. UBS Group reaffirmed a “buy” rating and set a $59.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Finally, Piper Sandler raised their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Sixteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.58.

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.