Fifth Third Bancorp $FITB Shares Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3,542.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 164,379 shares of the financial services provider’s stock after buying an additional 159,866 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Fifth Third Bancorp were worth $7,695,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after purchasing an additional 637,207 shares during the period. Capital World Investors raised its stake in Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. Invesco Ltd. raised its stake in Fifth Third Bancorp by 2.6% during the third quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock worth $945,556,000 after purchasing an additional 546,914 shares during the period. Geode Capital Management LLC raised its stake in Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock worth $848,672,000 after purchasing an additional 96,656 shares during the period. Finally, Bank of America Corp DE raised its stake in Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after purchasing an additional 2,293,939 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $54.71 on Friday. The company’s 50 day simple moving average is $49.83 and its 200-day simple moving average is $48.87. The company has a market capitalization of $49.59 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a 1 year low of $37.86 and a 1 year high of $55.44. 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 results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period in the previous year, the firm earned $0.71 EPS. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp’s payout ratio is 53.69%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. Piper Sandler reaffirmed 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. The Goldman Sachs Group lifted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $57.29.

Insider Buying and Selling

In related news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp 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 transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on 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 completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.51% of the company’s stock.

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.