Mutual of America Capital Management LLC Reduces Stock Holdings in Fifth Third Bancorp $FITB

Mutual of America Capital Management LLC decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,943 shares of the financial services provider’s stock after selling 5,272 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fifth Third Bancorp were worth $6,332,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Harbour Investments Inc. boosted its holdings in shares of Fifth Third Bancorp by 11.9% in the 2nd quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 263 shares during the period. Moody National Bank Trust Division boosted its holdings in shares of Fifth Third Bancorp by 1.5% in the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 271 shares during the period. Commerce Bank boosted its holdings in shares of Fifth Third Bancorp by 0.7% in the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after purchasing an additional 282 shares during the period. BankPlus Trust Department boosted 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 period. Finally, Orca Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after acquiring an additional 294 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FITB shares. Argus lifted their target price on Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Stephens set a $52.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. DA Davidson boosted their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. The Goldman Sachs Group boosted their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Piper Sandler dropped their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $50.45.

Fifth Third Bancorp Price Performance

FITB stock opened at $41.80 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50 day simple moving average of $44.30 and a 200-day simple moving average of $40.91. The firm has a market capitalization of $27.67 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.11 and a beta of 0.95. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly 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. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. Equities research analysts anticipate 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 disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

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.