ExodusPoint Capital Management LP Takes $11.35 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

ExodusPoint Capital Management LP bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 268,503 shares of the financial services provider’s stock, valued at approximately $11,352,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FITB. FMR LLC lifted its position in Fifth Third Bancorp by 5.7% in the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock valued at $72,511,000 after acquiring an additional 91,574 shares in the last quarter. Benjamin Edwards Inc. boosted its position in shares of Fifth Third Bancorp by 139.4% during the third quarter. Benjamin Edwards Inc. now owns 11,190 shares of the financial services provider’s stock valued at $479,000 after buying an additional 6,515 shares during the last quarter. Investment Management Corp of Ontario grew its holdings in Fifth Third Bancorp by 49.3% during the third quarter. Investment Management Corp of Ontario now owns 22,720 shares of the financial services provider’s stock worth $973,000 after buying an additional 7,500 shares in the last quarter. IHT Wealth Management LLC lifted its stake in Fifth Third Bancorp by 57.7% during the 3rd quarter. IHT Wealth Management LLC now owns 12,795 shares of the financial services provider’s stock valued at $547,000 after acquiring an additional 4,683 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Fifth Third Bancorp by 2.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 263,429 shares of the financial services provider’s stock worth $11,285,000 after acquiring an additional 6,725 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Stock Down 4.8 %

Shares of NASDAQ:FITB opened at $33.75 on Friday. The firm has a market capitalization of $22.55 billion, a PE ratio of 10.75, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 52-week low of $32.75 and a 52-week high of $49.07. The firm has a fifty day moving average of $41.50 and a 200 day moving average of $43.35.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.39%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Analyst Ratings Changes

FITB has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Stephens reaffirmed an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. JPMorgan Chase & Co. cut their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, DA Davidson raised their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.19.

About Fifth Third Bancorp

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.