Fifth Third Bancorp $FITB Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 29.5% in the 1st quarter, Holdings Channel reports. The firm owned 1,903,839 shares of the financial services provider’s stock after buying an additional 433,273 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fifth Third Bancorp were worth $88,452,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Harbor Investment Advisory LLC grew its stake in Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Reflection Asset Management acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Finally, EFG International AG purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB traded up $0.58 during trading on Friday, reaching $57.12. The company had a trading volume of 4,443,803 shares, compared to its average volume of 9,539,302. The firm has a market capitalization of $51.77 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s fifty day moving average price is $52.24 and its 200 day moving average price is $50.27. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.51.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the company earned $0.71 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 53.69%.

Insiders Place Their Bets

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wolfe Research cut their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Monday. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. The Goldman Sachs Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Finally, Truist Financial upped their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.11.

Fifth Third Bancorp 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.