Truist Financial Corp Sells 12,867 Shares of Fifth Third Bancorp $FITB

Truist Financial Corp cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 287,893 shares of the financial services provider’s stock after selling 12,867 shares during the period. Truist Financial Corp’s holdings in Fifth Third Bancorp were worth $13,476,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after acquiring an additional 637,207 shares in the last quarter. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after purchasing an additional 1,803,861 shares in the last quarter. Invesco Ltd. raised its position in shares of Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after purchasing an additional 546,914 shares during the period. Bank of America Corp DE lifted its stake in shares of Fifth Third Bancorp by 16.7% during 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. Finally, Franklin Resources Inc. boosted its holdings in Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock worth $353,354,000 after buying an additional 690,648 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 2.3%

Shares of FITB opened at $49.67 on Friday. The company’s fifty day moving average is $48.03 and its 200 day moving average is $47.50. Fifth Third Bancorp has a fifty-two week low of $36.64 and a fifty-two week high of $55.44. The stock has a market capitalization of $45.02 billion, a PE ratio of 16.67, a P/E/G ratio of 1.04 and a beta of 0.94. 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 (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the business earned $0.71 earnings per share. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler reissued an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Evercore boosted their price target on Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. Finally, Wolfe Research dropped their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.19.

About Fifth Third Bancorp

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.