OLD National Bancorp IN Trims Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

OLD National Bancorp IN trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,144 shares of the financial services provider’s stock after selling 3,684 shares during the quarter. OLD National Bancorp IN’s holdings in Fifth Third Bancorp were worth $1,025,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of FITB. Stratos Wealth Partners LTD. raised its stake in shares of Fifth Third Bancorp by 23.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 11,206 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 2,163 shares during the last quarter. Silver Oak Securities Incorporated acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $253,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Fifth Third Bancorp by 0.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,516 shares of the financial services provider’s stock worth $3,108,000 after buying an additional 665 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 46.8% in the 4th quarter. Kingsview Wealth Management LLC now owns 16,825 shares of the financial services provider’s stock worth $711,000 after acquiring an additional 5,366 shares during the period. Finally, Kestra Private Wealth Services LLC boosted its holdings in shares of Fifth Third Bancorp by 8.1% in the fourth quarter. Kestra Private Wealth Services LLC now owns 15,858 shares of the financial services provider’s stock valued at $670,000 after acquiring an additional 1,193 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Truist Financial cut their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Keefe, Bruyette & Woods decreased their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, April 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, Morgan Stanley reduced their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $47.29.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $39.58 on Tuesday. The firm has a market capitalization of $26.42 billion, a PE ratio of 12.61, a P/E/G ratio of 1.42 and a beta of 0.90. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The firm’s 50-day simple moving average is $36.65 and its 200 day simple moving average is $40.84. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

Fifth Third Bancorp 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.