Bank of New York Mellon Corp Makes New Investment in Fifth Third Bancorp $FITB

Key Points

• Bank of New York Mellon acquired 23.5 million shares of Fifth Third Bancorp, valued at approximately $1.32 billion, giving it a 2.59% stake. Institutional investors collectively own 83.79% of the company.
• Analysts maintain a generally positive outlook, with Fifth Third receiving a “Moderate Buy” consensus rating and an average price target of $60.54; Truist and Bank of America recently raised their targets.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed estimates. The bank also pays a quarterly dividend of $0.40 per share, representing a 2.9% yield.

Bank of New York Mellon Corp bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 23,503,688 shares of the financial services provider's stock, valued at approximately $1,324,903,000. Bank of New York Mellon Corp owned approximately 2.59% of Fifth Third Bancorp as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of FITB. Norges Bank acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD lifted its holdings in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock worth $140,993,000 after buying an additional 2,644,332 shares in the last quarter. Invesco Ltd. boosted its position in Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after buying an additional 2,574,712 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Fifth Third Bancorp by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider's stock valued at $507,151,000 after buying an additional 2,569,479 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FITB shares. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, Bank of America increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Down 0.8%

Fifth Third Bancorp stock opened at $54.51 on Friday. The firm has a market capitalization of $49.43 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 1.09 and a beta of 0.91. The company's 50 day simple moving average is $56.54 and its 200 day simple moving average is $51.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 54.61%.

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.

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