Concurrent Investment Advisors LLC Has $300,000 Holdings in Fifth Third Bancorp $FITB

Concurrent Investment Advisors LLC lessened its stake in Fifth Third Bancorp (NASDAQ:FITB) by 4.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,300 shares of the financial services provider’s stock after selling 330 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $300,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Moody National Bank Trust Division lifted its holdings in Fifth Third Bancorp by 1.5% during the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 271 shares during the last quarter. Commerce Bank lifted its holdings in Fifth Third Bancorp by 0.7% during the 1st quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after purchasing an additional 282 shares during the last quarter. BankPlus Trust Department lifted its holdings in Fifth Third Bancorp by 53.0% during the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 290 shares during the last quarter. Orca Wealth Management LLC lifted its holdings in Fifth Third Bancorp by 0.8% during the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock valued at $1,384,000 after purchasing an additional 294 shares during the last quarter. Finally, Meadow Creek Wealth Advisors LLC lifted its holdings in Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.3%

Shares of NASDAQ FITB opened at $40.89 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07. The stock has a market capitalization of $27.06 billion, a P/E ratio of 12.21, a PEG ratio of 1.11 and a beta of 0.95. The stock’s fifty day moving average is $44.29 and its 200 day moving average is $40.85.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FITB. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Piper Sandler dropped their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods lifted their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. Finally, TD Cowen lifted their target price on Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.35.

Fifth Third Bancorp 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.