Manning & Napier Advisors LLC Sells 10,427 Shares of Fifth Third Bancorp $FITB

Manning & Napier Advisors LLC lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.4% in the fourth quarter, HoldingsChannel reports. The firm owned 100,844 shares of the financial services provider’s stock after selling 10,427 shares during the period. Manning & Napier Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,793,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Ethic Inc. boosted its position in Fifth Third Bancorp by 7.6% in the fourth quarter. Ethic Inc. now owns 160,364 shares of the financial services provider’s stock valued at $7,507,000 after buying an additional 11,265 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after buying an additional 206 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Fifth Third Bancorp by 258.5% during the fourth quarter. International Assets Investment Management LLC now owns 32,943 shares of the financial services provider’s stock worth $1,542,000 after buying an additional 23,753 shares in the last quarter. Generali Asset Management SPA SGR increased its holdings in shares of Fifth Third Bancorp by 6.7% during the fourth quarter. Generali Asset Management SPA SGR now owns 31,483 shares of the financial services provider’s stock worth $1,474,000 after buying an additional 1,984 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Fifth Third Bancorp by 19.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 35,597 shares of the financial services provider’s stock valued at $1,666,000 after acquiring an additional 5,856 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Insider Activity

In other news, 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 value of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $304,620.00. Following the completion of 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on FITB. Argus increased their price target on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Citigroup boosted their price objective on Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. The Goldman Sachs Group increased their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. DA Davidson restated a “buy” rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Finally, Morgan Stanley cut their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Stock Down 0.7%

Shares of FITB opened at $49.33 on Friday. The firm has a market capitalization of $44.71 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 1.01 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business’s fifty day moving average price is $48.03 and its two-hundred day moving average price is $47.50. Fifth Third Bancorp has a 52 week low of $36.64 and a 52 week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. On average, analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is presently 53.69%.

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.