Nisa Investment Advisors LLC Reduces Stake in Fifth Third Bancorp $FITB

Nisa Investment Advisors LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 384,061 shares of the financial services provider’s stock after selling 1,642 shares during the period. Nisa Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $15,939,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Harbour Investments Inc. lifted its stake in Fifth Third Bancorp by 11.9% in the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 263 shares during the last quarter. Moody National Bank Trust Division lifted its stake in Fifth Third Bancorp by 1.5% in the second quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 271 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in Fifth Third Bancorp by 6.9% in the second quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 276 shares during the last quarter. Commerce Bank lifted its stake in Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after purchasing an additional 282 shares during the last quarter. Finally, BankPlus Trust Department lifted its stake in Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 290 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FITB. Wolfe Research raised their price objective on shares of Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Piper Sandler decreased their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Finally, Janney Montgomery Scott lifted 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 note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $50.45.

Insider Buying and Selling

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $42.63 on Monday. The company has a market capitalization of $28.22 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 1.16 and a beta of 0.95. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. 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 firm has a 50 day moving average of $44.25 and a 200 day moving average of $41.13.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.06. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. Fifth Third Bancorp’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 firm posted $0.78 earnings per share. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 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.