M&T Bank Corp Sells 28,344 Shares of Fifth Third Bancorp $FITB

M&T Bank Corp lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 59.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,534 shares of the financial services provider's stock after selling 28,344 shares during the period. M&T Bank Corp's holdings in Fifth Third Bancorp were worth $914,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Bank of America Corp DE raised its position in shares of Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock valued at $714,457,000 after buying an additional 2,293,939 shares in the last quarter. Capital World Investors raised its position in shares of Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider's stock valued at $1,373,490,000 after buying an additional 1,803,861 shares in the last quarter. Barclays PLC raised its position in shares of Fifth Third Bancorp by 27.0% in the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock valued at $175,850,000 after buying an additional 840,094 shares in the last quarter. OFI Invest Asset Management raised its position in shares of Fifth Third Bancorp by 3,240.8% in the 4th quarter. OFI Invest Asset Management now owns 814,292 shares of the financial services provider's stock valued at $38,117,000 after buying an additional 789,918 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its position in shares of Fifth Third Bancorp by 251.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 1,085,063 shares of the financial services provider's stock valued at $44,629,000 after buying an additional 775,888 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 1.9%

NASDAQ:FITB opened at $50.76 on Friday. The firm's fifty day moving average is $48.11 and its 200-day moving average is $47.25. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52 week low of $35.55 and a 52 week high of $55.44. The firm has a market cap of $45.97 billion, a P/E ratio of 17.03, a P/E/G ratio of 1.04 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the prior year, the firm posted $0.71 EPS. Equities analysts expect that Fifth Third Bancorp will post 4 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 53.69%.

Insiders Place Their Bets

In other news, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company's stock.

Analyst Ratings Changes

FITB has been the subject of several analyst reports. Evercore boosted their target price on shares of Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Robert W. Baird boosted their target price on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. DA Davidson restated a "buy" rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Saturday, April 18th. Finally, The Goldman Sachs Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $57.19.

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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