Bank of New York Mellon Corp cut its position in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,435,159 shares of the financial services provider’s stock after selling 25,481 shares during the quarter. Bank of New York Mellon Corp owned 0.79% of Fifth Third Bancorp worth $173,706,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Wagner Wealth Management LLC purchased a new position in shares of Fifth Third Bancorp in the second quarter valued at $27,000. CI Investments Inc. boosted its stake in shares of Fifth Third Bancorp by 1,002.4% in the third quarter. CI Investments Inc. now owns 915 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 832 shares during the period. Hexagon Capital Partners LLC boosted its stake in shares of Fifth Third Bancorp by 324.1% in the third quarter. Hexagon Capital Partners LLC now owns 933 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 713 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Fifth Third Bancorp by 226.0% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 939 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 651 shares during the last quarter. Finally, Guardian Wealth Advisors LLC bought a new position in Fifth Third Bancorp during the 3rd quarter valued at $30,000. 80.17% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Gary R. Heminger bought 33,000 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $26.82 per share, with a total value of $885,060.00. Following the purchase, the director now owns 127,043 shares in the company, valued at $3,407,293.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Howard Hammond sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $37.52, for a total transaction of $75,040.00. Following the completion of the transaction, the executive vice president now owns 50,686 shares in the company, valued at approximately $1,901,738.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Gary R. Heminger acquired 33,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $26.82 per share, with a total value of $885,060.00. Following the transaction, the director now owns 127,043 shares in the company, valued at approximately $3,407,293.26. The disclosure for this purchase can be found here. Corporate insiders own 0.66% of the company’s stock.
Fifth Third Bancorp Stock Down 5.7 %
Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last released its quarterly earnings data on Thursday, January 19th. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Fifth Third Bancorp had a net margin of 26.15% and a return on equity of 15.48%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company earned $0.90 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.76 EPS for the current year.
Fifth Third Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 17th. Investors of record on Friday, March 31st will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.29%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 39.29%.
Analyst Ratings Changes
A number of research analysts have commented on FITB shares. Citigroup increased their price objective on shares of Fifth Third Bancorp from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. DA Davidson started coverage on shares of Fifth Third Bancorp in a research note on Tuesday, December 20th. They set a “neutral” rating and a $36.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Fifth Third Bancorp from $44.00 to $37.00 in a research note on Friday, January 6th. Barclays reduced their price objective on shares of Fifth Third Bancorp from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 3rd. Finally, Piper Sandler reduced their price objective on shares of Fifth Third Bancorp from $43.00 to $40.00 in a research note on Friday, March 10th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.90.
About Fifth Third Bancorp
Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.
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