Lmcg Investments LLC Sells 7,586 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Lmcg Investments LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 219,098 shares of the financial services provider's stock after selling 7,586 shares during the quarter. Lmcg Investments LLC's holdings in Fifth Third Bancorp were worth $8,589,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $371,836,000. PL Capital Advisors LLC increased its stake in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock valued at $78,654,000 after buying an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $53,508,000. GAMMA Investing LLC increased its stake in shares of Fifth Third Bancorp by 4,271.4% in the first quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock valued at $47,172,000 after buying an additional 1,175,834 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider's stock valued at $402,991,000 after buying an additional 1,027,044 shares during the period. Institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on FITB shares. Keefe, Bruyette & Woods decreased their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Royal Bank of Canada reissued an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Cowen started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Truist Financial decreased their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley decreased their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.00.

Fifth Third Bancorp Stock Up 2.9%

Shares of FITB traded up $1.11 during trading hours on Friday, reaching $39.41. The stock had a trading volume of 3,176,082 shares, compared to its average volume of 4,523,008. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The firm has a 50-day simple moving average of $36.65 and a 200 day simple moving average of $40.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $26.31 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.42 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. During the same period last year, the business earned $0.70 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

About Fifth Third Bancorp

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.