Corebridge Financial Inc. Lowers Stake in Fifth Third Bancorp (NASDAQ:FITB)

Corebridge Financial Inc. decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 5.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 158,809 shares of the financial services provider’s stock after selling 9,278 shares during the period. Corebridge Financial Inc.’s holdings in Fifth Third Bancorp were worth $6,714,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. PL Capital Advisors LLC raised its holdings in Fifth Third Bancorp by 4,128.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after acquiring an additional 1,816,320 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Fifth Third Bancorp in the fourth quarter valued at $53,508,000. Raymond James Financial Inc. purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $38,971,000. Boston Partners grew its holdings in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after buying an additional 823,803 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after acquiring an additional 812,385 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 2.4 %

Shares of NASDAQ FITB opened at $38.81 on Friday. The firm has a market cap of $25.93 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day simple moving average is $42.18 and its 200-day simple moving average is $43.50.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.13%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FITB. 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 dropped their price objective on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial lifted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.64.

Insider Transactions at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The stock was 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 trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred 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 directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

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.