Bank of New York Mellon Corp Purchases 1,037,746 Shares of Fifth Third Bancorp $FITB

Bank of New York Mellon Corp boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 26.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,978,104 shares of the financial services provider’s stock after acquiring an additional 1,037,746 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fifth Third Bancorp were worth $233,025,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Westside Investment Management Inc. grew its stake in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after buying an additional 292 shares during the last quarter. Harbor Investment Advisory LLC grew its stake in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $30,000. Quest 10 Wealth Builders Inc. grew its stake in shares of Fifth Third Bancorp by 619.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock worth $34,000 after buying an additional 632 shares during the last quarter. Finally, Salomon & Ludwin LLC grew its stake in shares of Fifth Third Bancorp by 77.6% during the fourth quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider’s stock worth $36,000 after buying an additional 322 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FITB has been the topic of a number of recent research reports. DA Davidson reiterated a “buy” rating and set a $58.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 20th. Wolfe Research cut their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Robert W. Baird lifted their price target on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Finally, Barclays lifted their price target on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.19.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $52.01 on Friday. The firm’s 50-day moving average price is $49.08 and its 200-day moving average price is $48.47. Fifth Third Bancorp has a 1-year low of $37.86 and a 1-year high of $55.44. The firm has a market capitalization of $47.14 billion, a P/E ratio of 17.45, a P/E/G ratio of 1.06 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the business earned $0.71 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

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.