MetLife Investment Management LLC Has $7.54 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

MetLife Investment Management LLC trimmed its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,087 shares of the financial services provider’s stock after selling 6,345 shares during the quarter. MetLife Investment Management LLC’s holdings in Fifth Third Bancorp were worth $7,544,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock worth $889,978,000 after buying an additional 732,651 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Fifth Third Bancorp by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after acquiring an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Fifth Third Bancorp by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after purchasing an additional 399,827 shares in the last quarter. Smead Capital Management Inc. raised its position in Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after purchasing an additional 75,024 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Fifth Third Bancorp by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after purchasing an additional 19,572 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.2 %

Fifth Third Bancorp stock opened at $48.06 on Friday. The company has a market capitalization of $32.23 billion, a PE ratio of 15.97, a PEG ratio of 2.30 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $28.29 and a 12-month high of $49.07. The firm’s fifty day moving average is $44.70 and its 200 day moving average is $41.03. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. Fifth Third Bancorp’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.92 EPS. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.37 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 3.08%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FITB. Citigroup upped their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Barclays raised their price target on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Evercore ISI raised their target price on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $43.62.

Fifth Third Bancorp 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.