Bank of New York Mellon Corp Has $233.03 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Bank of New York Mellon increased its Fifth Third Bancorp stake by 26.3% in the fourth quarter, holding 4,978,104 shares worth about $233 million.
• Fifth Third Bancorp reported better-than-expected quarterly earnings of $0.83 per share, topping analyst estimates of $0.63, though revenue came in slightly below expectations.
• The company continues to attract strong institutional interest, with 83.79% of shares owned by institutions and hedge funds, while analysts maintain a Moderate Buy consensus and a $57.19 average target price.

Bank of New York Mellon Corp raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 26.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,978,104 shares of the financial services provider's stock after purchasing an additional 1,037,746 shares during the quarter. Bank of New York Mellon Corp owned 0.75% of Fifth Third Bancorp worth $233,025,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $649,264,000. Bank of America Corp DE boosted its holdings 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 worth $714,457,000 after acquiring an additional 2,293,939 shares in the last quarter. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Fifth Third Bancorp by 130.6% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider's stock worth $157,541,000 after acquiring an additional 1,907,400 shares in the last quarter. Capital World Investors boosted its holdings 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 worth $1,373,490,000 after acquiring an additional 1,803,861 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 99.9% in the 4th quarter. Smead Capital Management Inc. now owns 3,250,139 shares of the financial services provider's stock worth $152,139,000 after acquiring an additional 1,624,138 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm'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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Up 0.4%

Shares of FITB stock opened at $52.01 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm's 50-day moving average is $49.08 and its 200-day moving average is $48.47. The stock has a market cap of $47.14 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.06 and a beta of 0.92. Fifth Third Bancorp has a 52-week low of $37.86 and a 52-week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the prior year, the firm earned $0.71 EPS. Sell-side analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 53.69%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FITB. Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Robert W. Baird boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.19.

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.