Korea Investment CORP Cuts Stake in Fifth Third Bancorp (NASDAQ:FITB)

Korea Investment CORP cut its position in Fifth Third Bancorp (NASDAQ:FITB) by 19.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 213,564 shares of the financial services provider’s stock after selling 50,700 shares during the period. Korea Investment CORP’s holdings in Fifth Third Bancorp were worth $9,029,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. D.A. Davidson & CO. boosted its position in shares of Fifth Third Bancorp by 1.4% during the third quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock valued at $918,000 after buying an additional 289 shares during the last quarter. FMR LLC boosted its holdings in shares of Fifth Third Bancorp by 5.7% during the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock valued at $72,511,000 after acquiring an additional 91,574 shares during the last quarter. Townsquare Capital LLC bought a new stake in shares of Fifth Third Bancorp in the third quarter worth approximately $804,000. CreativeOne Wealth LLC purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at approximately $271,000. Finally, Public Sector Pension Investment Board lifted its position in Fifth Third Bancorp by 1.9% during the third quarter. Public Sector Pension Investment Board now owns 118,197 shares of the financial services provider’s stock valued at $5,064,000 after purchasing an additional 2,200 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

FITB has been the subject of a number of research analyst reports. Citigroup cut their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Morgan Stanley cut their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company lowered their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Barclays increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $46.64.

Fifth Third Bancorp Stock Up 1.0 %

FITB opened at $39.20 on Tuesday. The stock has a market cap of $26.19 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s fifty day moving average is $42.08 and its 200 day moving average is $43.52. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.78%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

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.