Fifth Third Bancorp (NASDAQ:FITB) Stock Position Increased by HighPoint Advisor Group LLC

HighPoint Advisor Group LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 86,977 shares of the financial services provider’s stock after purchasing an additional 2,533 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Fifth Third Bancorp were worth $3,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after acquiring an additional 812,385 shares during the period. Boston Partners increased its holdings in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after purchasing an additional 823,803 shares during the period. Norges Bank bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at about $371,836,000. Franklin Resources Inc. lifted its holdings in Fifth Third Bancorp by 5.2% in the fourth quarter. Franklin Resources Inc. now owns 5,763,716 shares of the financial services provider’s stock worth $243,690,000 after purchasing an additional 287,342 shares during the period. Finally, Alliancebernstein L.P. grew its position in Fifth Third Bancorp by 13.8% in the 4th quarter. Alliancebernstein L.P. now owns 4,485,567 shares of the financial services provider’s stock valued at $189,650,000 after buying an additional 542,460 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other 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 transaction, the chief operating officer now directly 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 legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction 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 sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % 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 Stock Performance

Shares of FITB stock opened at $38.81 on Monday. The company has a market capitalization of $25.93 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock’s fifty day simple moving average is $42.18 and its 200-day simple moving average is $43.53.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s dividend payout ratio is 47.13%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FITB shares. Morgan Stanley dropped their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. DA Davidson upped their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Truist Financial boosted their price objective 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. Barclays upped their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.64.

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.