Federated Hermes Inc. Lowers Position in Fifth Third Bancorp $FITB

Federated Hermes Inc. reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 71.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,628 shares of the financial services provider’s stock after selling 38,645 shares during the period. Federated Hermes Inc.’s holdings in Fifth Third Bancorp were worth $696,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Generali Asset Management SPA SGR acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth $1,314,000. Allspring Global Investments Holdings LLC increased its stake in Fifth Third Bancorp by 8.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after acquiring an additional 654,746 shares during the last quarter. Huntington National Bank raised its holdings in shares of Fifth Third Bancorp by 10.9% in the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock worth $4,986,000 after purchasing an additional 11,935 shares during the period. Intact Investment Management Inc. lifted its stake in shares of Fifth Third Bancorp by 24.5% in the 3rd quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after purchasing an additional 23,500 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Fifth Third Bancorp by 103.0% during the 2nd quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock worth $56,095,000 after purchasing an additional 687,275 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Up 2.4%

Shares of NASDAQ:FITB opened at $55.08 on Friday. The firm has a market cap of $36.41 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.12 and a beta of 0.99. The company has a fifty day simple moving average of $48.74 and a 200 day simple moving average of $45.22. 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 has a 12-month low of $32.25 and a 12-month high of $55.36.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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 during the quarter. On average, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $52.00 to $57.00 in a research report on Thursday. UBS Group reaffirmed a “buy” rating and set a $59.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Wednesday, January 21st. Barclays upped their target price on Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Royal Bank Of Canada raised their target price on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, January 21st. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.58.

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.