Bank of New York Mellon Corp Sells 88,939 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Bank of New York Mellon Corp lowered its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,356,107 shares of the financial services provider's stock after selling 88,939 shares during the quarter. Bank of New York Mellon Corp owned 0.65% of Fifth Third Bancorp worth $170,759,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FITB. Geode Capital Management LLC increased its holdings in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock valued at $715,219,000 after buying an additional 285,910 shares in the last quarter. Boston Partners grew its stake in shares of Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. First Trust Advisors LP grew its position in Fifth Third Bancorp by 12.1% during the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock worth $402,991,000 after acquiring an additional 1,027,044 shares during the last quarter. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth $371,836,000. Finally, Northern Trust Corp lifted its stake in shares of Fifth Third Bancorp by 12.7% in the 4th quarter. Northern Trust Corp now owns 7,074,520 shares of the financial services provider's stock valued at $299,111,000 after purchasing an additional 798,663 shares during the period. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $0.81 on Thursday, reaching $44.24. 2,454,380 shares of the stock were exchanged, compared to its average volume of 4,562,755. The business has a fifty day moving average price of $39.32 and a two-hundred day moving average price of $40.08. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The firm has a market capitalization of $29.53 billion, a PE ratio of 14.05, a PEG ratio of 1.50 and a beta of 0.91. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The firm had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same period in the previous year, the company earned $0.70 EPS. As a group, research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp announced that its board has approved a stock repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Morgan Stanley lowered their price target on shares of 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. Citigroup decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Robert W. Baird raised shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective on the stock in a research report on Monday, April 7th. Finally, Wells Fargo & Company increased their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp presently 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.