First Trust Advisors LP Has $402.99 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

First Trust Advisors LP boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,531,485 shares of the financial services provider's stock after purchasing an additional 1,027,044 shares during the period. First Trust Advisors LP owned approximately 1.42% of Fifth Third Bancorp worth $402,991,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp in the 4th quarter worth about $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $29,000. Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $33,000. Finally, Y.D. More Investments Ltd raised its holdings in shares of Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 449 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FITB shares. Royal Bank of Canada reissued an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Stephens reaffirmed an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Wells Fargo & Company dropped their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday. Keefe, Bruyette & Woods reduced their price target on Fifth Third Bancorp from $47.00 to $42.00 and set a "market perform" rating for the company in a report on Monday. Finally, Truist Financial cut 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 research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $46.24.

Fifth Third Bancorp Stock Performance

FITB traded up $0.65 during midday trading on Thursday, reaching $35.74. The company's stock had a trading volume of 1,274,154 shares, compared to its average volume of 4,468,753. 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 fifty day simple moving average of $38.60 and a 200 day simple moving average of $42.50. The stock has a market cap of $23.88 billion, a P/E ratio of 11.39, a PEG ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced 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. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 46.98%.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

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.