M&T Bank Corp Boosts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

M&T Bank Corp increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,173 shares of the financial services provider’s stock after purchasing an additional 654 shares during the period. M&T Bank Corp’s holdings in Fifth Third Bancorp were worth $1,850,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. QRG Capital Management Inc. increased its holdings in shares of Fifth Third Bancorp by 15.1% in the 3rd quarter. QRG Capital Management Inc. now owns 71,858 shares of the financial services provider’s stock worth $3,078,000 after buying an additional 9,444 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Fifth Third Bancorp by 13.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 460,549 shares of the financial services provider’s stock worth $19,776,000 after acquiring an additional 55,081 shares in the last quarter. Icon Wealth Advisors LLC bought a new stake in Fifth Third Bancorp during the third quarter worth approximately $541,000. First National Trust Co raised its position in Fifth Third Bancorp by 44.9% during the third quarter. First National Trust Co now owns 77,099 shares of the financial services provider’s stock valued at $3,303,000 after purchasing an additional 23,890 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Fifth Third Bancorp by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock valued at $356,031,000 after purchasing an additional 281,494 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FITB shares. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Barclays raised their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Evercore ISI upped their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $44.81.

Fifth Third Bancorp Trading Up 0.0 %

Shares of NASDAQ FITB opened at $45.55 on Friday. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The firm has a market cap of $30.54 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. The business has a fifty day simple moving average of $45.54 and a two-hundred day simple moving average of $41.67. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. Analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.25%. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Fifth Third Bancorp Company 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.