Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,356,107 shares of the financial services provider's stock after selling 88,939 shares during the period. Bank of New York Mellon Corp owned about 0.65% of Fifth Third Bancorp worth $170,759,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FITB. Assetmark Inc. lifted its position in Fifth Third Bancorp by 205.8% during the fourth quarter. Assetmark Inc. now owns 12,617 shares of the financial services provider's stock valued at $533,000 after acquiring an additional 8,491 shares during the last quarter. M&T Bank Corp lifted its position in Fifth Third Bancorp by 3.1% during the fourth quarter. M&T Bank Corp now owns 44,491 shares of the financial services provider's stock valued at $1,881,000 after acquiring an additional 1,318 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $6,416,000. Raymond James Financial Inc. purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at approximately $38,971,000. Finally, Ashton Thomas Private Wealth LLC lifted its position in Fifth Third Bancorp by 3.1% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 13,083 shares of the financial services provider's stock valued at $558,000 after acquiring an additional 392 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock traded down $0.29 during trading hours on Friday, reaching $43.76. 4,001,802 shares of the stock were exchanged, compared to its average volume of 4,574,943. The stock has a market cap of $29.21 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.52 and a beta of 0.91. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The firm's 50 day moving average is $39.47 and its 200 day moving average is $40.09.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) 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 analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. During the same quarter last year, the firm posted $0.70 EPS. Analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.38%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Fifth Third Bancorp declared that its Board of Directors has initiated a share buyback plan on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on FITB shares. TD Cowen started coverage on shares of Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price for the company. Baird R W upgraded shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. Keefe, Bruyette & Woods cut their price target on shares of 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. Finally, Truist Financial decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.53.

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.