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

Bank of New York Mellon Corp boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 303.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,079,733 shares of the financial services provider’s stock after purchasing an additional 15,101,629 shares during the period. Bank of New York Mellon Corp owned approximately 2.22% of Fifth Third Bancorp worth $932,904,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth $25,000. SouthState Bank Corp boosted its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 236 shares during the last quarter. Harbor Investment Advisory LLC grew its position 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 acquiring an additional 517 shares during the period. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $29,000. Finally, Leonteq Securities AG acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $58.02 on Thursday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.51. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $52.59 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The firm’s fifty day moving average price is $52.65 and its 200 day moving average price is $50.48.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the previous year, the company earned $0.71 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FITB. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Stephens assumed coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Finally, Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Insider Buying and Selling

In other news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company’s stock.

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.