Concurrent Investment Advisors LLC Increases Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Concurrent Investment Advisors LLC grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 33.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,697 shares of the financial services provider’s stock after acquiring an additional 1,677 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $283,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after buying an additional 409,292 shares during the last quarter. Smead Capital Management Inc. grew its position in shares of Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock valued at $95,278,000 after buying an additional 75,024 shares during the last quarter. Zacks Investment Management raised its stake in Fifth Third Bancorp by 10.0% during the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock worth $74,450,000 after acquiring an additional 158,067 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Fifth Third Bancorp by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after acquiring an additional 19,572 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % 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, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction 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 sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Up 0.0 %

NASDAQ FITB opened at $43.01 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $28.84 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.42 and a beta of 1.23. Fifth Third Bancorp has a 52-week low of $33.03 and a 52-week high of $49.07. The firm has a 50-day moving average price of $43.40 and a 200 day moving average price of $43.72.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FITB. Truist Financial raised their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and set a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Barclays increased 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 shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One investment 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. According to data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average price target of $46.75.

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.