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

ExodusPoint Capital Management LP purchased a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 268,503 shares of the financial services provider's stock, valued at approximately $11,352,000.

A number of other institutional investors have also added to or reduced their stakes in FITB. Norges Bank purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $371,836,000. PL Capital Advisors LLC lifted its position in shares of Fifth Third Bancorp by 4,128.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock worth $78,654,000 after purchasing an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $53,508,000. Raymond James Financial Inc. bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $38,971,000. Finally, Boston Partners boosted its holdings in Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after acquiring an additional 823,803 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FITB. Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. JPMorgan Chase & Co. cut their price objective on Fifth Third Bancorp from $49.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Piper Sandler reissued an "overweight" rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research report on Monday. Finally, Citigroup reduced their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.12.

Fifth Third Bancorp Trading Down 7.3 %

FITB traded down $2.63 during midday trading on Thursday, reaching $33.20. 3,094,618 shares of the company were exchanged, compared to its average volume of 4,443,993. The stock has a market capitalization of $22.18 billion, a P/E ratio of 10.60, a PEG 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. The stock's 50-day simple moving average is $40.50 and its 200 day simple moving average is $43.06. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.46%. Fifth Third Bancorp's payout ratio is presently 47.13%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated 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 directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the 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 transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Fifth Third Bancorp Company 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.