Fifth Third Bancorp $FITB Shares Sold by Twin Capital Management Inc.

Twin Capital Management Inc. trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 46.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 14,413 shares of the financial services provider’s stock after selling 12,488 shares during the period. Twin Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $675,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares in the last quarter. Capital World Investors raised its position in shares of Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares in the last quarter. Invesco Ltd. raised its position in shares of Fifth Third Bancorp by 2.6% in the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after purchasing an additional 546,914 shares in the last quarter. Bank of America Corp DE raised its position in shares of Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after purchasing an additional 2,293,939 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock valued at $353,354,000 after purchasing an additional 690,648 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FITB shares. Argus upped their target price on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Jefferies Financial Group boosted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Morgan Stanley lowered their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Finally, Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.19.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $49.16 on Friday. Fifth Third Bancorp has a twelve month low of $36.64 and a twelve month high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $44.55 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 1.00 and a beta of 0.94. The business has a 50 day simple moving average of $47.85 and a 200-day simple moving average of $47.93.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the business earned $0.71 EPS. As a group, equities research analysts expect 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. Investors of record on Tuesday, March 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is presently 53.69%.

Insiders Place Their Bets

In related news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Company Profile

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.