Fifth Third Bancorp (NASDAQ:FITB) Position Increased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 3.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,653 shares of the financial services provider’s stock after buying an additional 276 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Fifth Third Bancorp were worth $366,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $25,000. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the last quarter. Sierra Ocean LLC bought a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $28,000. Legacy Investment Solutions LLC acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth $36,000. Finally, 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 during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 1.7 %

FITB stock opened at $42.88 on Monday. Fifth Third Bancorp has a twelve month low of $33.03 and a twelve month high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $28.75 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The business’s 50-day simple moving average is $43.50 and its 200 day simple moving average is $43.67.

Fifth Third Bancorp Announces Dividend

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

Analyst Ratings Changes

Several research firms have commented on FITB. Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Piper Sandler restated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.75.

Insider Activity

In other news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’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 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. 0.50% of the stock is currently owned by company insiders.

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.