Sound View Wealth Advisors Group LLC Lowers Position in Fifth Third Bancorp (NASDAQ:FITB)

Sound View Wealth Advisors Group LLC lessened its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 87,695 shares of the financial services provider’s stock after selling 2,767 shares during the quarter. Sound View Wealth Advisors Group LLC’s holdings in Fifth Third Bancorp were worth $3,708,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FITB. Retirement Wealth Solutions LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $28,000. Venturi Wealth Management LLC raised its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares during the last quarter. BankPlus Trust Department purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $29,000. Finally, Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the company’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 transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’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 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 position. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FITB. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Truist Financial boosted their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $47.31.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $40.06 on Friday. 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 has a one year low of $33.82 and a one year high of $49.07. The firm has a market capitalization of $26.66 billion, a P/E ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21. The business has a fifty day moving average of $43.23 and a 200 day moving average of $43.79.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.69%. 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 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.