Alerus Financial NA Sells 11,032 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Alerus Financial NA trimmed its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 232,293 shares of the financial services provider’s stock after selling 11,032 shares during the period. Fifth Third Bancorp makes up approximately 0.8% of Alerus Financial NA’s portfolio, making the stock its 23rd biggest holding. Alerus Financial NA’s holdings in Fifth Third Bancorp were worth $9,821,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FITB. Transamerica Financial Advisors Inc. increased its holdings in shares of Fifth Third Bancorp by 7.5% during the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 232 shares in the last quarter. Eads & Heald Wealth Management increased its position in Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock worth $347,000 after buying an additional 235 shares during the last quarter. Valley National Advisers Inc. boosted its position in Fifth Third Bancorp by 3.6% during the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 236 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 246 shares in the last quarter. Finally, Brooklyn Investment Group lifted its stake in Fifth Third Bancorp by 9.1% in the 4th quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 257 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 1.0 %

Shares of NASDAQ:FITB opened at $39.77 on Friday. The stock has a market cap of $26.57 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. 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 firm’s 50 day moving average price is $42.29 and its 200 day moving average price is $43.51. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio is presently 47.13%.

Analyst Ratings Changes

FITB has been the subject of several research reports. 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. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Piper Sandler restated an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Truist Financial lifted 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, Stephens reissued an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. 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, Fifth Third Bancorp has a consensus rating of “Hold” and an average price target of $46.86.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

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.