Prudential PLC Cuts Holdings in Fifth Third Bancorp $FITB

Prudential PLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 90.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,265 shares of the financial services provider’s stock after selling 106,843 shares during the period. Prudential PLC’s holdings in Fifth Third Bancorp were worth $527,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Harbor Investment Advisory LLC raised its stake in shares of Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares in the last quarter. Leonteq Securities AG purchased a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $30,000. Quest 10 Wealth Builders Inc. grew its holdings in Fifth Third Bancorp by 619.6% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock valued at $34,000 after buying an additional 632 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Fifth Third Bancorp by 77.6% during the 4th quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider’s stock valued at $36,000 after buying an additional 322 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Fifth Third Bancorp during the 4th quarter valued at $42,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

FITB stock opened at $51.96 on Tuesday. Fifth Third Bancorp has a 52-week low of $37.86 and a 52-week high of $55.44. The stock’s fifty day simple moving average is $49.21 and its 200-day simple moving average is $48.60. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $47.09 billion, a price-to-earnings ratio of 17.44, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates 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 last year, the company posted $0.71 EPS. Equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 53.69%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FITB. JPMorgan Chase & Co. increased their target price on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a report on Thursday, April 30th. Robert W. Baird increased their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Monday. Barclays increased their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Evercore increased their target price on Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.29.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value 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 trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp 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.