Sit Investment Associates Inc. Buys 93,450 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Sit Investment Associates Inc. raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 65.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 237,125 shares of the financial services provider’s stock after acquiring an additional 93,450 shares during the period. Sit Investment Associates Inc.’s holdings in Fifth Third Bancorp were worth $10,026,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in FITB. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $25,000. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter worth $28,000. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp during the third quarter valued at $36,000. Finally, Midwest Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $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 Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $33.75 on Friday. The firm’s fifty day simple moving average is $41.50 and its two-hundred day simple moving average is $43.36. The firm has a market capitalization of $22.55 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.42 and a beta of 0.99. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12-month low of $32.75 and a 12-month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FITB shares. JPMorgan Chase & Co. lowered their price objective on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Morgan Stanley decreased their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. DA Davidson increased their price target 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. Finally, Truist Financial lifted 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $48.19.

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.