Harvest Portfolios Group Inc. Sells 6,956 Shares of Fifth Third Bancorp $FITB

Harvest Portfolios Group Inc. cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,228 shares of the financial services provider’s stock after selling 6,956 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Fifth Third Bancorp were worth $6,138,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after purchasing an additional 1,321,554 shares in the last quarter. Invesco Ltd. raised its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after buying an additional 862,374 shares in the last quarter. Nuveen LLC bought a new stake in shares of Fifth Third Bancorp during the 1st quarter worth $334,805,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Fifth Third Bancorp by 8.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after acquiring an additional 654,746 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Fifth Third Bancorp by 4.5% in the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after acquiring an additional 279,669 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. Stephens set a $52.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday, October 14th. Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Truist Financial boosted their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Finally, TD Cowen upped their price objective on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $50.35.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 20th. The shares were purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ:FITB opened at $42.54 on Friday. The firm has a market capitalization of $28.16 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.14 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average of $43.89 and a 200 day moving average of $41.56. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.78 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $0.40 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

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.