Park Avenue Securities LLC Cuts Stock Holdings in Fifth Third Bancorp $FITB

Park Avenue Securities LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 50.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,104 shares of the financial services provider’s stock after selling 33,184 shares during the period. Park Avenue Securities LLC’s holdings in Fifth Third Bancorp were worth $1,550,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $26,000. Westside Investment Management Inc. increased its holdings in Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares during the period. United Community Bank raised its position in Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Fifth Third Bancorp in the 2nd quarter valued at about $48,000. Finally, Country Trust Bank purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at about $51,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Up 1.4%

Fifth Third Bancorp stock opened at $45.99 on Wednesday. The company has a market capitalization of $41.65 billion, a P/E ratio of 12.99, a PEG ratio of 0.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The stock has a 50-day simple moving average of $49.81 and a 200-day simple moving average of $46.54.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. Fifth Third Bancorp’s payout ratio is currently 45.20%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FITB shares. Weiss Ratings raised Fifth Third Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 26th. Evercore lifted their price target on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a research note on Thursday, February 5th. Robert W. Baird boosted their price target on shares of Fifth Third Bancorp from $50.00 to $55.00 in a report on Wednesday, December 17th. JPMorgan Chase & Co. started coverage on shares of Fifth Third Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $50.50 price objective on the stock. Finally, Stephens raised their price objective on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.99.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.