Clearbridge Investments LLC Decreases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Clearbridge Investments LLC reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 19.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 368,694 shares of the financial services provider’s stock after selling 91,537 shares during the quarter. Clearbridge Investments LLC owned approximately 0.05% of Fifth Third Bancorp worth $15,588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Eads & Heald Wealth Management raised its stake in Fifth Third Bancorp by 3.0% during the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 235 shares during the period. Valley National Advisers Inc. increased its stake in Fifth Third Bancorp by 3.6% during the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 236 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after buying an additional 246 shares during the period. Brooklyn Investment Group lifted its position in Fifth Third Bancorp by 9.1% in the fourth quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock valued at $131,000 after buying an additional 257 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Fifth Third Bancorp by 16.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock worth $79,000 after buying an additional 261 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 1.8 %

NASDAQ FITB opened at $39.62 on Thursday. The firm’s fifty day moving average is $41.88 and its two-hundred day moving average is $43.47. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07. 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 has a market cap of $26.47 billion, a PE ratio of 12.62, a P/E/G ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.74%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FITB. Wells Fargo & Company reduced their price objective on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Citigroup decreased their price objective 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. Finally, Keefe, Bruyette & Woods raised their price target on 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Hold” and an average target price of $47.50.

Insiders Place Their Bets

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction 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 approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated 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 in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

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.