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

Bank of New York Mellon Corp grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 303.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,079,733 shares of the financial services provider’s stock after acquiring an additional 15,101,629 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fifth Third Bancorp were worth $932,904,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its holdings in shares of Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after purchasing an additional 39,261 shares during the period. Robinhood Asset Management LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $8,529,000. Keybank National Association OH grew its position in shares of Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after buying an additional 21,365 shares during the last quarter. Geode Capital Management LLC raised its stake in Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after acquiring an additional 96,656 shares during the period. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in Fifth Third Bancorp during the fourth quarter worth about $1,514,000. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Robert W. Baird lifted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Stephens started coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Finally, DA Davidson restated a “buy” rating and set a $58.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.11.

Fifth Third Bancorp Stock Up 1.7%

FITB opened at $58.02 on Thursday. The stock’s 50 day moving average price is $52.65 and its 200 day moving average price is $50.48. 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 stock has a market cap of $52.59 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $58.51.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly 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 company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the previous year, the firm posted $0.71 EPS. As a group, research 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 disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 53.69%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. 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.