Cinctive Capital Management LP Raises Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Cinctive Capital Management LP increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 191.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 256,186 shares of the financial services provider’s stock after buying an additional 168,365 shares during the period. Cinctive Capital Management LP’s holdings in Fifth Third Bancorp were worth $10,832,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $25,000. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $33,000. Finally, Y.D. More Investments Ltd raised its holdings in Fifth Third Bancorp by 118.5% during the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 449 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 0.7 %

FITB opened at $38.93 on Wednesday. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. The business has a 50-day moving average of $41.96 and a two-hundred day moving average of $43.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $26.01 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.80%. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Buying and Selling

In other news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp 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 transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO James C. Leonard sold 17,200 shares of the firm’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 completion of the transaction, 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 position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FITB shares. Wells Fargo & Company decreased their target price on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Citigroup lowered their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.50.

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.