Bank of New York Mellon Corp Decreases Position in Fifth Third Bancorp (NASDAQ:FITB)

Bank of New York Mellon Corp lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 0.65% of Fifth Third Bancorp worth $170,759,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Boston Partners lifted its holdings in shares of Fifth Third Bancorp by 6.2% during 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 last quarter. Deutsche Bank AG lifted its holdings in shares of Fifth Third Bancorp by 27.3% during the 4th quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after purchasing an additional 438,446 shares during the last quarter. Heartland Bank & Trust Co purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $1,011,000. Banco Santander S.A. purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $357,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Fifth Third Bancorp by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider's stock valued at $32,088,000 after purchasing an additional 12,905 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Cowen assumed coverage on Fifth Third Bancorp in a report on Wednesday, May 14th. They set a "buy" rating for the company. Baird R W upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Truist Financial cut their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research report on Monday, April 7th. Finally, TD Cowen assumed coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $47.53.

Fifth Third Bancorp Price Performance

Shares of FITB stock traded down $0.41 during mid-day trading on Friday, hitting $43.65. 588,576 shares of the stock were exchanged, compared to its average volume of 4,566,586. The firm has a fifty day moving average of $39.47 and a 200 day moving average of $40.09. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market cap of $29.13 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 1.50 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (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 business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the prior year, the company posted $0.70 EPS. Research analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 yield of 3.39%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

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

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.