Davis Selected Advisers Acquires 8,640 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Davis Selected Advisers increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,444,176 shares of the financial services provider’s stock after buying an additional 8,640 shares during the period. Davis Selected Advisers’ holdings in Fifth Third Bancorp were worth $103,340,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of FITB. Retirement Wealth Solutions LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $28,000. 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 purchasing an additional 316 shares during the last quarter. BankPlus Trust Department purchased a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Finally, Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $33,000. 83.79% of the stock is owned by institutional investors.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FITB. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Barclays increased their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. DA Davidson increased their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods increased 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. Finally, Stephens restated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $47.31.

Fifth Third Bancorp Trading Up 0.5 %

Shares of FITB stock opened at $40.06 on Friday. The company has a market capitalization of $26.66 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The business’s fifty day moving average is $43.23 and its 200 day moving average is $43.77.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.69%. Fifth Third Bancorp’s dividend payout ratio is presently 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.