Fifth Third Bancorp (NASDAQ:FITB) Stake Boosted by Boston Common Asset Management LLC

Boston Common Asset Management LLC raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 12.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 309,350 shares of the financial services provider’s stock after buying an additional 34,203 shares during the quarter. Boston Common Asset Management LLC’s holdings in Fifth Third Bancorp were worth $13,079,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FITB. Avanza Fonder AB purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $2,369,000. Pinnacle Bancorp Inc. grew its holdings in shares of Fifth Third Bancorp by 51.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,100 shares of the financial services provider’s stock valued at $47,000 after buying an additional 375 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Fifth Third Bancorp by 17.5% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,404 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 1,695 shares in the last quarter. Park Avenue Securities LLC boosted its position in Fifth Third Bancorp by 8.8% during the 4th quarter. Park Avenue Securities LLC now owns 66,247 shares of the financial services provider’s stock worth $2,801,000 after acquiring an additional 5,377 shares during the period. Finally, Rockland Trust Co. purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $217,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Kristine R. Garrett sold 7,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on FITB shares. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Barclays upped their price target 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. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods upped their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Trading Up 1.5 %

FITB stock traded up $0.67 during midday trading on Friday, reaching $43.94. The company’s stock had a trading volume of 771,992 shares, compared to its average volume of 4,612,238. The business’s 50-day simple moving average is $45.11 and its 200-day simple moving average is $42.76. The stock has a market cap of $29.46 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $32.29 and a 52 week high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 earnings per share. As a group, sell-side analysts expect that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.37%. Fifth Third Bancorp’s payout ratio is 49.17%.

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.