Twin Capital Management Inc. Lowers Holdings in Fifth Third Bancorp $FITB

Twin Capital Management Inc. decreased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 46.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,413 shares of the financial services provider’s stock after selling 12,488 shares during the quarter. Twin Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $675,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after buying an additional 637,207 shares during the period. Capital World Investors grew its holdings in Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after buying an additional 1,803,861 shares during the period. Invesco Ltd. grew its holdings in Fifth Third Bancorp by 2.6% in the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after buying an additional 546,914 shares during the period. Bank of America Corp DE grew its holdings in Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after buying an additional 2,293,939 shares during the period. Finally, Franklin Resources Inc. grew its holdings in Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock valued at $353,354,000 after buying an additional 690,648 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. UBS Group reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Evercore lifted their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $49.16 on Friday. The firm has a market capitalization of $44.55 billion, a P/E ratio of 16.50, a P/E/G ratio of 1.00 and a beta of 0.94. Fifth Third Bancorp has a 1-year low of $36.64 and a 1-year high of $55.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The business’s 50-day simple moving average is $47.85 and its 200-day simple moving average is $47.93.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.87. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the previous year, the company posted $0.71 EPS. Equities analysts predict 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 was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.3%. Fifth Third Bancorp’s payout ratio is 53.69%.

Insider Activity at Fifth Third Bancorp

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

About Fifth Third Bancorp

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.