Fifth Third Bancorp $FITB Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,940,358 shares of the financial services provider’s stock after selling 12,650 shares during the period. Bank of New York Mellon Corp owned approximately 0.60% of Fifth Third Bancorp worth $175,543,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FITB. Norges Bank acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at $357,440,000. Invesco Ltd. lifted its holdings in Fifth Third Bancorp by 16.6% during the second 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 in the last quarter. Vanguard Group Inc. grew its position in shares of 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 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 during the second quarter worth about $52,643,000. Finally, Franklin Resources Inc. increased its stake in shares of Fifth Third Bancorp by 20.7% during the second quarter. Franklin Resources Inc. now owns 7,240,976 shares of the financial services provider’s stock worth $297,821,000 after purchasing an additional 1,240,709 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FITB. TD Cowen reiterated a “buy” rating on shares of Fifth Third Bancorp in a report on Wednesday, January 7th. Janney Montgomery Scott raised their target price on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Thursday, January 22nd. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Finally, Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.21.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp 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 owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Trading Up 0.9%

Shares of FITB opened at $50.22 on Friday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $53.33. The firm has a market capitalization of $33.20 billion, a P/E ratio of 14.19, a P/E/G ratio of 1.00 and a beta of 0.97. The firm has a 50-day moving average price of $47.70 and a 200 day moving average price of $44.83. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

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

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

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.