Y Intercept Hong Kong Ltd Reduces Stock Position in Fifth Third Bancorp $FITB

Y Intercept Hong Kong Ltd cut its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 61.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,994 shares of the financial services provider’s stock after selling 101,385 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Fifth Third Bancorp were worth $2,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of FITB. Harbor Investment Advisory LLC grew its position in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Reflection Asset Management purchased a new stake in Fifth Third Bancorp in the fourth quarter worth $30,000. Finally, EFG International AG bought a new stake in Fifth Third Bancorp in the fourth quarter valued at $33,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.2%

Fifth Third Bancorp stock opened at $57.99 on Wednesday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $58.52. The company has a market capitalization of $52.56 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The business’s fifty day simple moving average is $51.86 and its two-hundred day simple moving average is $50.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm 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 earned $0.71 EPS. As a group, equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Insider Buying and Selling

In related news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank Of Canada reiterated an “outperform” rating and set a $57.00 price target on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Monday. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Stephens assumed coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective on the stock. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.11.

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.