Sonora Investment Management Group LLC Buys 848 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Sonora Investment Management Group LLC grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,944 shares of the financial services provider’s stock after purchasing an additional 848 shares during the period. Sonora Investment Management Group LLC’s holdings in Fifth Third Bancorp were worth $2,534,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OLD National Bancorp IN grew its position in shares of Fifth Third Bancorp by 9.3% during the 4th quarter. OLD National Bancorp IN now owns 29,828 shares of the financial services provider’s stock worth $1,261,000 after buying an additional 2,549 shares in the last quarter. Swedbank AB boosted its stake in shares of Fifth Third Bancorp by 1.9% during the fourth quarter. Swedbank AB now owns 259,160 shares of the financial services provider’s stock valued at $10,957,000 after purchasing an additional 4,728 shares in the last quarter. Smith Group Asset Management LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $423,000. Orca Wealth Management LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter worth $1,480,000. Finally, Perigon Wealth Management LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $2,269,000. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FITB. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. DA Davidson upped their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lifted 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. Truist Financial increased their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Stock Up 0.7 %

NASDAQ FITB opened at $44.49 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The business’s fifty day simple moving average is $44.61 and its 200-day simple moving average is $43.27. The firm has a market cap of $29.83 billion, a PE ratio of 14.17, a P/E/G ratio of 1.44 and a beta of 1.24.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.33%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

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.