My Legacy Advisors LLC Has $1.20 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

My Legacy Advisors LLC cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,203 shares of the financial services provider’s stock after selling 737 shares during the period. My Legacy Advisors LLC’s holdings in Fifth Third Bancorp were worth $1,197,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $25,000. Venturi Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at $36,000. Hexagon Capital Partners LLC grew its stake in shares of Fifth Third Bancorp by 56.9% during the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the third quarter worth $39,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $44.34 on Friday. Fifth Third Bancorp has a 52-week low of $32.29 and a 52-week high of $49.07. The company has a market cap of $29.73 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.79 and a beta of 1.24. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $45.02 and its 200 day simple moving average is $42.82.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results 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). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the firm earned $0.92 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.17%.

Insider Activity

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This 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 available at this link. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays raised their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Evercore ISI lifted their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Piper Sandler upped their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Truist Financial started coverage on shares of Fifth Third Bancorp in a research report on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. Finally, Morgan Stanley raised their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $45.92.

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.