New York Life Investment Management LLC Decreases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

New York Life Investment Management LLC lowered its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,378 shares of the financial services provider’s stock after selling 514 shares during the quarter. New York Life Investment Management LLC’s holdings in Fifth Third Bancorp were worth $4,202,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FITB. Assenagon Asset Management S.A. grew its holdings in shares of Fifth Third Bancorp by 8.7% in the third quarter. Assenagon Asset Management S.A. now owns 21,705 shares of the financial services provider’s stock worth $930,000 after acquiring an additional 1,740 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of Fifth Third Bancorp by 7.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,220 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 1,363 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Fifth Third Bancorp by 5.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 6,016 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 306 shares during the period. Gladstone Institutional Advisory LLC purchased a new position in shares of Fifth Third Bancorp in the third quarter worth approximately $632,000. Finally, Farther Finance Advisors LLC grew its position in Fifth Third Bancorp by 32.0% during the third quarter. Farther Finance Advisors LLC now owns 3,640 shares of the financial services provider’s stock valued at $156,000 after buying an additional 883 shares during the period. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. 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 report on Wednesday, December 4th. Barclays lifted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, DA Davidson lifted their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $43.47 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12 month low of $33.48 and a 12 month high of $49.07. The stock has a 50 day moving average of $43.43 and a 200 day moving average of $43.77. The firm has a market cap of $28.93 billion, a PE ratio of 13.84, a PEG ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

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.