Securian Asset Management Inc. Sells 13,991 Shares of Fifth Third Bancorp $FITB

Securian Asset Management Inc. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 43.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,974 shares of the financial services provider’s stock after selling 13,991 shares during the quarter. Securian Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $841,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FITB. Bank of America Corp DE increased its holdings in Fifth Third Bancorp by 16.7% in 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 during the period. Alecta Tjanstepension Omsesidigt boosted its position in shares of Fifth Third Bancorp by 130.6% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock worth $157,541,000 after acquiring an additional 1,907,400 shares in the last quarter. Capital World Investors boosted its position in shares of Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after acquiring an additional 1,803,861 shares in the last quarter. Barclays PLC increased its stake in Fifth Third Bancorp by 27.0% in the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock valued at $175,850,000 after acquiring an additional 840,094 shares during the last quarter. Finally, OFI Invest Asset Management raised its position in Fifth Third Bancorp by 3,240.8% during the fourth quarter. OFI Invest Asset Management now owns 814,292 shares of the financial services provider’s stock valued at $38,117,000 after purchasing an additional 789,918 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FITB. UBS Group restated a “buy” rating and set a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Wolfe Research lowered their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Morgan Stanley dropped their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.19.

Fifth Third Bancorp Trading Down 3.0%

NASDAQ FITB opened at $47.15 on Thursday. The company has a market cap of $42.73 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 0.99 and a beta of 0.94. Fifth Third Bancorp has a twelve month low of $36.64 and a twelve month high of $55.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business’s fifty day moving average is $47.85 and its 200 day moving average is $47.68.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.87. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same quarter in the prior year, the firm earned $0.71 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.4%. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Insider Buying and Selling

In related news, 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 sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares in the company, 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. 0.51% of the stock is owned by company insiders.

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.