ProShare Advisors LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 48.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 151,775 shares of the financial services provider’s stock after selling 140,011 shares during the period. ProShare Advisors LLC’s holdings in Fifth Third Bancorp were worth $7,105,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Koshinski Asset Management Inc. grew its holdings in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares during the last quarter. Keybank National Association OH grew its holdings in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after purchasing an additional 214 shares during the last quarter. Austin Private Wealth LLC grew its holdings in shares of Fifth Third Bancorp by 2.7% during the fourth quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 228 shares during the last quarter. Wealthquest Corp grew its holdings in shares of Fifth Third Bancorp by 2.3% during the third quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 244 shares during the last quarter. Finally, Capital Investment Advisory Services LLC grew its holdings in shares of Fifth Third Bancorp by 1.1% during the third quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider’s stock worth $1,011,000 after purchasing an additional 251 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts recently commented on FITB shares. The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a report on Monday, May 4th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Citigroup upped their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Finally, Truist Financial set a $57.00 target price on Fifth Third Bancorp in a report on Tuesday, April 21st. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.19.
Fifth Third Bancorp Stock Performance
Shares of FITB stock opened at $49.16 on Friday. The business’s 50 day simple moving average is $47.85 and its 200 day simple moving average is $47.93. Fifth Third Bancorp has a one year low of $36.64 and a one year high of $55.44. The stock has a market capitalization of $44.55 billion, a PE ratio of 16.50, a PEG ratio of 1.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) 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 analysts’ consensus estimates of ($0.04) by $0.87. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the prior year, the business earned $0.71 EPS. As a group, research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.
Fifth Third Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp’s payout ratio is currently 53.69%.
Insider Buying and Selling at Fifth Third Bancorp
In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company’s stock.
About Fifth Third Bancorp
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.
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