Adage Capital Partners GP L.L.C. Purchases 108,500 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Adage Capital Partners GP L.L.C. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 24.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 561,497 shares of the financial services provider's stock after purchasing an additional 108,500 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.08% of Fifth Third Bancorp worth $23,740,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $25,000. Sierra Ocean LLC bought a new position in Fifth Third Bancorp in the 4th quarter valued at $28,000. BankPlus Trust Department purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $29,000. Midwest Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $33,000. Finally, Y.D. More Investments Ltd boosted its holdings in shares of Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock worth $35,000 after buying an additional 449 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FITB shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Truist Financial dropped their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research note on Tuesday. DA Davidson decreased their target price on Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Citigroup dropped their price target on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Finally, Morgan Stanley decreased their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $46.24.

Insider Transactions at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm'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 sale, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Fifth Third Bancorp Stock Down 1.4 %

FITB opened at $35.28 on Friday. The firm has a market capitalization of $23.57 billion, a P/E ratio of 11.24, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The company has a fifty day moving average price of $38.25 and a 200-day moving average price of $42.41. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period in the prior year, the company earned $0.70 EPS. Equities research analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 4.20%. Fifth Third Bancorp's dividend payout ratio is presently 46.98%.

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.

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