Capital World Investors Has $1.52 Billion Position in Fifth Third Bancorp $FITB

Capital World Investors increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 5.6% during the 4th quarter, Holdings Channel.com reports. The fund owned 32,549,669 shares of the financial services provider’s stock after acquiring an additional 1,719,361 shares during the period. Capital World Investors’ holdings in Fifth Third Bancorp were worth $1,523,650,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Fifth Third Bancorp by 0.8% during 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 acquiring an additional 637,207 shares in the last quarter. Invesco Ltd. boosted its position in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after acquiring an additional 546,914 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after acquiring an additional 96,656 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Fifth Third Bancorp by 16.7% during 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 acquiring an additional 2,293,939 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $649,264,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 0.4%

Shares of NASDAQ FITB opened at $52.01 on Friday. Fifth Third Bancorp has a 1-year low of $37.86 and a 1-year high of $55.44. The company has a market cap of $47.14 billion, a PE ratio of 17.45, a P/E/G ratio of 1.06 and a beta of 0.92. 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 50-day moving average of $49.08 and a two-hundred day moving average of $48.47.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company 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 firm posted $0.71 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared 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 dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s payout ratio is 53.69%.

Analysts Set New Price Targets

FITB has been the topic of several recent research reports. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a report on Thursday, April 30th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 price target on shares of Fifth Third Bancorp in a report on Monday, May 4th. Finally, Truist Financial set a $57.00 price target on shares of 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.19.

Insider Buying and Selling

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

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.