Bank of New York Mellon Corp Sells 403,099 Shares of Fifth Third Bancorp $FITB

Bank of New York Mellon Corp lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,953,008 shares of the financial services provider’s stock after selling 403,099 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fifth Third Bancorp were worth $162,587,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Banque Transatlantique SA bought a new stake in Fifth Third Bancorp in the 1st quarter valued at $27,000. Activest Wealth Management grew its holdings in shares of Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Fifth Third Bancorp by 91.3% in the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 357 shares during the last quarter. GoalVest Advisory LLC grew its holdings in shares of Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 532 shares during the last quarter. Finally, BankPlus Trust Department grew its holdings in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 290 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.9%

Shares of NASDAQ FITB opened at $42.51 on Thursday. The firm’s 50-day simple moving average is $43.95 and its 200 day simple moving average is $41.55. The company has a market cap of $28.14 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.14 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue was up 7.9% compared to the same quarter last year. On average, research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, September 30th. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the transaction, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. Wolfe Research upped their target price on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Stephens set a $52.00 target price on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 14th. Piper Sandler lowered their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Finally, UBS Group upped their target price on shares of Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.35.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.