Nisa Investment Advisors LLC Sells 1,642 Shares of Fifth Third Bancorp $FITB

Nisa Investment Advisors LLC trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 384,061 shares of the financial services provider’s stock after selling 1,642 shares during the quarter. Nisa Investment Advisors LLC owned 0.06% of Fifth Third Bancorp worth $15,939,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Invesco Ltd. raised its holdings in Fifth Third Bancorp by 5.1% in the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares during the period. Nuveen LLC bought a new position in Fifth Third Bancorp in the 1st quarter worth $334,805,000. Allspring Global Investments Holdings LLC raised its holdings in Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares during the period. Finally, Royal Bank of Canada raised its holdings in Fifth Third Bancorp by 4.5% in the 1st quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock worth $255,196,000 after purchasing an additional 279,669 shares during the period. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FITB. Piper Sandler decreased their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Saturday. Finally, DA Davidson raised their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.45.

Insider Buying and Selling at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Trading Up 1.3%

Shares of FITB stock opened at $42.63 on Monday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $28.22 billion, a PE ratio of 12.73, a PEG ratio of 1.16 and a beta of 0.95. The stock has a fifty day simple moving average of $44.25 and a two-hundred day simple moving average of $41.13.

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

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. 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 dividend on an annualized basis and a dividend yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Fifth Third Bancorp Company Profile

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.