Fifth Third Bancorp $FITB Holdings Trimmed by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITBFree Report) by 45.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 111,271 shares of the financial services provider’s stock after selling 92,191 shares during the period. Manning & Napier Advisors LLC’s holdings in Fifth Third Bancorp were worth $5,052,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FITB. Vanguard Group Inc. raised its position in Fifth Third Bancorp by 1.6% during the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after buying an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock valued at $958,614,000 after purchasing an additional 398,517 shares in the last quarter. Invesco Ltd. increased its stake in Fifth Third Bancorp by 16.6% in the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock valued at $850,473,000 after buying an additional 2,941,333 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fifth Third Bancorp by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after buying an additional 619,956 shares during the period. Finally, Norges Bank purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter valued at $357,440,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

More Fifth Third Bancorp News

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Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $48.57 on Thursday. The firm has a market capitalization of $32.11 billion, a PE ratio of 14.50, a PEG ratio of 0.85 and a beta of 0.97. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $50.47. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The firm’s fifty day simple moving average is $45.79 and its 200 day simple moving average is $44.25.

Fifth Third Bancorp (NASDAQ:FITBGet Free Report) last released its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The firm had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.76%.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of research reports. Piper Sandler lifted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Stephens increased their price objective on Fifth Third Bancorp from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Evercore ISI set a $52.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 6th. Finally, Citigroup upped their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Get Our Latest Research Report on Fifth Third Bancorp

Insider Activity at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the acquisition, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.53% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Profile

(Free Report)

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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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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