Trillium Asset Management LLC Trims Stock Position in Fifth Third Bancorp $FITB

Trillium Asset Management LLC lessened its position in Fifth Third Bancorp (NASDAQ:FITB) by 10.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 487,942 shares of the financial services provider’s stock after selling 56,713 shares during the period. Trillium Asset Management LLC’s holdings in Fifth Third Bancorp were worth $23,354,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FITB. Empowered Funds LLC raised its position in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares during the last quarter. Woodline Partners LP raised its position in shares of Fifth Third Bancorp by 40.5% in the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after buying an additional 759 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in shares of Fifth Third Bancorp in the second quarter valued at approximately $968,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the subject of a number of analyst reports. Evercore boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Piper Sandler reissued an “overweight” rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. JPMorgan Chase & Co. boosted their price objective on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Wolfe Research dropped their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.29.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $54.71 on Friday. Fifth Third Bancorp has a one year low of $37.86 and a one year high of $55.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a 50 day moving average price of $49.83 and a 200 day moving average price of $48.87. The firm has a market capitalization of $49.59 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.