LGT Fund Management Co Ltd. Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

LGT Fund Management Co Ltd. increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 37.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,607 shares of the financial services provider’s stock after buying an additional 2,337 shares during the period. LGT Fund Management Co Ltd.’s holdings in Fifth Third Bancorp were worth $364,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Retirement Wealth Solutions LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $28,000. Venturi Wealth Management LLC grew its stake in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. BankPlus Trust Department purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $29,000. Finally, Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $43.05 on Tuesday. The firm has a market capitalization of $28.65 billion, a P/E ratio of 13.71, a PEG ratio of 1.42 and a beta of 1.23. The stock has a fifty day moving average price of $43.44 and a 200 day moving average price of $43.82. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week 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.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FITB. Piper Sandler restated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Barclays upped their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial upped their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $46.75.

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.