Ethic Inc. Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Ethic Inc. increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 141.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,563 shares of the financial services provider’s stock after purchasing an additional 56,636 shares during the quarter. Ethic Inc.’s holdings in Fifth Third Bancorp were worth $4,083,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after buying an additional 812,385 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock valued at $715,219,000 after acquiring an additional 285,910 shares in the last quarter. Boston Partners increased its position in Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. First Trust Advisors LP raised its holdings in Fifth Third Bancorp by 12.1% in the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock worth $402,991,000 after purchasing an additional 1,027,044 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $371,836,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 0.5 %

FITB stock opened at $37.43 on Friday. The stock has a market capitalization of $24.98 billion, a P/E ratio of 11.92, a P/E/G ratio of 1.42 and a beta of 0.89. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The business has a fifty day moving average price of $36.96 and a 200-day moving average price of $41.88.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same quarter in the previous year, the firm earned $0.70 EPS. Equities analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.37 per share. The ex-dividend date was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.95%. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price target on the stock in a research report on Monday, April 7th. Piper Sandler reissued an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Truist Financial lowered their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Barclays reduced their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Finally, DA Davidson lowered their price objective on Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $46.24.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.