Manning & Napier Advisors LLC Sells 10,427 Shares of Fifth Third Bancorp $FITB

Manning & Napier Advisors LLC cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,844 shares of the financial services provider’s stock after selling 10,427 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Fifth Third Bancorp were worth $4,793,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. AE Wealth Management LLC lifted its position in shares of Fifth Third Bancorp by 4.7% during the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the last quarter. Bahl & Gaynor Inc. increased its position in Fifth Third Bancorp by 18.0% in the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after buying an additional 24,566 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after buying an additional 48,080 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after buying an additional 340,030 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Fifth Third Bancorp by 27.0% in the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock valued at $175,850,000 after acquiring an additional 840,094 shares during the period. Institutional investors own 83.79% of the company’s stock.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Barclays boosted their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Weiss Ratings downgraded shares of Fifth Third Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday. Janney Montgomery Scott boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. TD Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Stock Down 0.7%

Shares of FITB stock opened at $49.33 on Friday. Fifth Third Bancorp has a one year low of $36.64 and a one 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 stock has a fifty day moving average price of $48.03 and a 200 day moving average price of $47.50. The stock has a market cap of $44.71 billion, a P/E ratio of 16.55, a price-to-earnings-growth ratio of 1.01 and a beta of 0.94.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the prior year, the company posted $0.71 EPS. Analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

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.