Payden & Rygel Acquires New Position in Fifth Third Bancorp $FITB

Payden & Rygel bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, HoldingsChannel.com reports. The firm bought 243,600 shares of the financial services provider’s stock, valued at approximately $10,852,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC grew 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 purchasing an additional 916 shares during the period. Woodline Partners LP lifted its position in Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock worth $2,218,000 after buying an additional 16,323 shares during the period. Cullen Frost Bankers Inc. boosted its stake in Fifth Third Bancorp by 6.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock worth $176,000 after buying an additional 276 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in Fifth Third Bancorp by 2.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 283,119 shares of the financial services provider’s stock valued at $11,645,000 after buying an additional 6,982 shares during the period. Finally, Catalyst Capital Advisors LLC purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $56,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Up 1.4%

Shares of Fifth Third Bancorp stock opened at $53.62 on Monday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The stock has a market cap of $35.45 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The company has a fifty day moving average price of $50.29 and a 200 day moving average price of $46.05.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The company had revenue of $3.82 billion for the quarter. Equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 annualized dividend and a yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.20%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FITB shares. Truist Financial raised their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. TD Cowen reiterated a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Argus upped their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Wall Street Zen lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Robert W. Baird boosted their price target on Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Sixteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

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.