Adage Capital Partners GP L.L.C. Has $23.74 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Adage Capital Partners GP L.L.C. increased its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 24.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 561,497 shares of the financial services provider's stock after purchasing an additional 108,500 shares during the period. Adage Capital Partners GP L.L.C. owned 0.08% of Fifth Third Bancorp worth $23,740,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FITB. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $25,000. Sierra Ocean LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $28,000. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $33,000. Finally, Y.D. More Investments Ltd lifted its stake in shares of Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 449 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.6 %

Fifth Third Bancorp stock traded up $0.21 during midday trading on Thursday, reaching $36.15. The stock had a trading volume of 946,862 shares, compared to its average volume of 4,471,169. The firm's fifty day simple moving average is $37.79 and its 200-day simple moving average is $42.26. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The stock has a market capitalization of $24.15 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter last year, the firm earned $0.70 EPS. As a group, analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 46.98%.

Insiders Place Their Bets

In related news, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company cut their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Truist Financial cut their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their target price on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Barclays reduced their target price on Fifth Third Bancorp from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $46.24.

Fifth Third Bancorp Company 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.