Metropolitan Life Insurance Co. NY Cuts Stake in Fifth Third Bank (FITB)

Metropolitan Life Insurance Co. NY decreased its position in shares of Fifth Third Bank (NASDAQ:FITB) by 68.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 109,319 shares of the financial services provider’s stock after selling 240,936 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Fifth Third Bank were worth $3,317,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Icon Wealth Partners LLC bought a new position in shares of Fifth Third Bank during the 4th quarter worth $101,000. Horan Capital Advisors LLC. bought a new position in shares of Fifth Third Bank during the 3rd quarter worth $102,000. Delpha Capital Management LLC bought a new position in shares of Fifth Third Bank during the 4th quarter worth $107,000. Valeo Financial Advisors LLC bought a new position in shares of Fifth Third Bank during the 3rd quarter worth $119,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Fifth Third Bank during the 4th quarter worth $148,000. Institutional investors own 84.57% of the company’s stock.

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In other Fifth Third Bank news, EVP Jelena Mcwilliams sold 1,952 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $33.01, for a total value of $64,435.52. Following the sale, the executive vice president now owns 6,034 shares of the company’s stock, valued at approximately $199,182.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Mark D. Hazel sold 7,500 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $32.81, for a total value of $246,075.00. Following the completion of the sale, the senior vice president now directly owns 62,254 shares in the company, valued at approximately $2,042,553.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 183,978 shares of company stock worth $6,033,127. Insiders own 0.40% of the company’s stock.

Several research firms have recently weighed in on FITB. BidaskClub upgraded Fifth Third Bank from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. BMO Capital Markets restated a “hold” rating and issued a $32.00 target price on shares of Fifth Third Bank in a research note on Friday, December 8th. Zacks Investment Research downgraded Fifth Third Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 12th. Oppenheimer restated a “hold” rating on shares of Fifth Third Bank in a research note on Thursday, December 7th. Finally, Royal Bank of Canada restated a “buy” rating on shares of Fifth Third Bank in a research note on Sunday, December 10th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $30.89.

Shares of FITB stock opened at $33.53 on Wednesday. Fifth Third Bank has a 1-year low of $23.20 and a 1-year high of $34.57. The firm has a market capitalization of $23,096.33, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.86 and a beta of 1.31. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.99.

Fifth Third Bank (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.05. Fifth Third Bank had a return on equity of 9.65% and a net margin of 27.08%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the firm posted $0.49 EPS. equities research analysts forecast that Fifth Third Bank will post 2.3 earnings per share for the current year.

Fifth Third Bank announced that its board has authorized a stock repurchase plan on Tuesday, February 27th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.64 annualized dividend and a dividend yield of 1.91%. Fifth Third Bank’s payout ratio is currently 22.46%.

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About Fifth Third Bank

Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.

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Institutional Ownership by Quarter for Fifth Third Bank (NASDAQ:FITB)

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