Fifth Third Bancorp $FITB Shares Sold by Payden & Rygel

Payden & Rygel lowered its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 20.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 197,900 shares of the financial services provider’s stock after selling 50,800 shares during the quarter. Payden & Rygel’s holdings in Fifth Third Bancorp were worth $10,010,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cranbrook Wealth Management LLC increased its holdings in Fifth Third Bancorp by 1,659.7% in the 3rd quarter. Cranbrook Wealth Management LLC now owns 38,872 shares of the financial services provider’s stock valued at $1,966,000 after purchasing an additional 36,663 shares in the last quarter. Childress Capital Advisors LLC purchased a new position in Fifth Third Bancorp in the third quarter valued at about $230,000. Shakespeare Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $1,127,000. Essential Investment Partners LLC acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $25,000. Finally, BOKF NA boosted its position in shares of Fifth Third Bancorp by 2.8% in the third quarter. BOKF NA now owns 69,336 shares of the financial services provider’s stock worth $3,507,000 after buying an additional 1,870 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 1.0%

Shares of NASDAQ:FITB opened at $53.88 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company’s fifty day moving average is $52.75 and its two-hundred day moving average is $52.02. The stock has a market capitalization of $48.86 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business’s revenue was up 42.4% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. Equities analysts anticipate that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the transaction, the executive vice president owned 121,460 shares of the company’s stock, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of several recent research reports. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday, October 21st. UBS Group lowered their price objective on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Bank of America upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods raised their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Finally, Truist Financial cut their price objective on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.87.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.