Fifth Third Bancorp $FITB Position Cut by Payden & Rygel

Payden & Rygel lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 20.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 197,900 shares of the financial services provider’s stock after selling 50,800 shares during the quarter. Payden & Rygel’s holdings in Fifth Third Bancorp were worth $10,010,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp in the 1st quarter valued at about $25,000. Security National Bank of SO Dak purchased a new stake in Fifth Third Bancorp during the second quarter worth about $25,000. Essential Investment Partners LLC acquired a new position in Fifth Third Bancorp during the third quarter worth about $25,000. SouthState Bank Corp grew its position in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after buying an additional 236 shares during the period. Finally, Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the second quarter worth about $29,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FITB shares. Truist Financial reduced their price target on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, September 23rd. TD Cowen started coverage on Fifth Third Bancorp in a report on Thursday, October 8th. They issued a “buy” rating and a $60.00 price target on the stock. Argus raised Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. DA Davidson raised their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $60.87.

Fifth Third Bancorp Price Performance

FITB stock opened at $53.88 on Friday. The stock’s 50 day moving average price is $52.75 and its 200 day moving average price is $52.02. The firm has a market cap of $48.86 billion, a P/E ratio of 18.08, a PEG ratio of 1.09 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $40.68 and a 1 year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.27. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. Fifth Third Bancorp’s revenue was up 42.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.10 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 Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is currently 57.53%.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.