MetLife Investment Management LLC Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)

MetLife Investment Management LLC lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,564 shares of the financial services provider’s stock after acquiring an additional 1,477 shares during the quarter. MetLife Investment Management LLC’s holdings in Fifth Third Bancorp were worth $7,507,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp in the fourth quarter valued at about $25,000. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp in the fourth quarter worth $29,000. Midwest Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $33,000. Finally, Y.D. More Investments Ltd grew its position in shares of Fifth Third Bancorp by 118.5% during the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after buying an additional 449 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 4.0 %

Shares of FITB stock opened at $34.65 on Wednesday. The stock has a 50 day simple moving average of $38.78 and a 200 day simple moving average of $42.55. The stock has a market cap of $23.15 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

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

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given 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 dividend yield of 4.27%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 46.98%.

Insiders Place Their Bets

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was 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 directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Truist Financial decreased their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday. DA Davidson reduced their price target on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One equities research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.