Fifth Third Bancorp (NASDAQ:FITB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 6.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 395,881 shares of the financial services provider’s stock after selling 28,000 shares during the period. New York State Common Retirement Fund owned 0.06% of Fifth Third Bancorp worth $16,738,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FITB. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter worth about $25,000. Sierra Ocean LLC acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp by 89.5% in the 3rd 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 in the last quarter. Y.D. More Investments Ltd lifted its stake in shares of Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 449 shares in the last quarter. Finally, Legacy Investment Solutions LLC acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at about $36,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, 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 through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the business’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 value of $761,272.00. Following the transaction, the chief operating officer now 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. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several research analyst reports. Barclays lifted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Truist Financial raised their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. DA Davidson raised their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.75.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $42.88 on Friday. Fifth Third Bancorp has a twelve month low of $33.03 and a twelve month 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. The company has a market capitalization of $28.75 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The business has a 50 day simple moving average of $43.50 and a 200-day simple moving average of $43.61.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

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.