M&T Bank Corp Acquires 1,318 Shares of Fifth Third Bancorp (NASDAQ:FITB)

M&T Bank Corp raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 44,491 shares of the financial services provider’s stock after buying an additional 1,318 shares during the quarter. M&T Bank Corp’s holdings in Fifth Third Bancorp were worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of FITB. PL Capital Advisors LLC increased its position in Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after buying an additional 1,816,320 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after acquiring an additional 812,385 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $28,490,000. Teachers Retirement System of The State of Kentucky grew its position in shares of Fifth Third Bancorp by 76.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after purchasing an additional 575,449 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Fifth Third Bancorp by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after purchasing an additional 409,292 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FITB shares. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Citigroup raised their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Truist Financial raised their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Stephens reiterated an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.31.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $40.06 on Monday. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average price of $43.23 and a 200-day moving average price of $43.81. The firm has a market capitalization of $26.66 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.69%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is currently 47.13%.

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.