Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 13.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,535,018 shares of the financial services provider's stock after selling 243,357 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.23% of Fifth Third Bancorp worth $64,901,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock worth $912,692,000 after purchasing an additional 812,385 shares during the period. Geode Capital Management LLC grew its stake 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 raised its holdings 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 buying an additional 823,803 shares during the period. First Trust Advisors LP raised its holdings in shares of Fifth Third Bancorp by 12.1% in the 4th 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. Finally, Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth about $371,836,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the topic of a number of recent research reports. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target on the stock in a research note on Monday, April 7th. Truist Financial reduced their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Citigroup dropped their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Stephens reiterated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $46.24.

Insider Buying and Selling

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company's stock.

Fifth Third Bancorp Stock Performance

FITB traded up $1.01 on Friday, reaching $37.10. The company had a trading volume of 2,677,135 shares, compared to its average volume of 4,469,789. The stock has a 50-day moving average price of $37.53 and a 200-day moving average price of $42.15. The stock has a market capitalization of $24.79 billion, a PE ratio of 11.82, a P/E/G ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. As a group, research analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.37 per share. The ex-dividend date was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.99%. Fifth Third Bancorp's payout ratio is 46.98%.

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.