BankPlus Trust Department Takes $29,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

BankPlus Trust Department acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 696 shares of the financial services provider’s stock, valued at approximately $29,000.

Several other hedge funds also recently bought and sold shares of FITB. Charles Schwab Investment Management Inc. boosted its holdings in Fifth Third Bancorp by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Fifth Third Bancorp during the third quarter valued at $28,490,000. Teachers Retirement System of The State of Kentucky grew its position in Fifth Third Bancorp by 76.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock worth $57,005,000 after buying an additional 575,449 shares in the last quarter. Franklin Resources Inc. increased its stake in Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock worth $242,713,000 after acquiring an additional 409,292 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at about $12,895,000. 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 business’s 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of several research analyst reports. StockNews.com cut shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. 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 research report on Wednesday, January 22nd. Barclays upped their target price on shares of 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 raised their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $46.75.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $43.01 on Wednesday. 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 firm has a market cap of $28.84 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.42 and a beta of 1.23. Fifth Third Bancorp has a 1-year low of $33.03 and a 1-year high of $49.07. The firm has a 50-day moving average of $43.40 and a 200-day moving average of $43.72.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Fifth Third Bancorp Company 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.