Fifth Third Bancorp $FITB Position Reduced by Forum Financial Management LP

Forum Financial Management LP lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 44.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 12,365 shares of the financial services provider’s stock after selling 9,905 shares during the period. Forum Financial Management LP’s holdings in Fifth Third Bancorp were worth $574,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FITB. Harbor Investment Advisory LLC raised its stake in 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 valued at $29,000 after buying an additional 517 shares in the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $30,000. Reflection Asset Management bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $30,000. Finally, EFG International AG acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Barclays raised their price target on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. DA Davidson reaffirmed a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group raised their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. Sixteen analysts have rated the stock with a Buy rating and five 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 price target of $57.94.

Fifth Third Bancorp Trading Down 0.6%

Shares of NASDAQ:FITB opened at $56.46 on Wednesday. The company has a 50 day moving average of $51.17 and a 200-day moving average of $49.77. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $51.17 billion, a P/E ratio of 18.95, a P/E/G ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $56.94.

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

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

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

Fifth Third Bancorp 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.