6,200 Shares in Fifth Third Bancorp (NASDAQ:FITB) Bought by Summit Securities Group LLC

Summit Securities Group LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, HoldingsChannel reports. The firm bought 6,200 shares of the financial services provider’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FITB. Eads & Heald Wealth Management grew its holdings 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 purchasing an additional 235 shares during the period. Valley National Advisers Inc. grew its stake in shares of Fifth Third Bancorp by 3.6% in the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 236 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Fifth Third Bancorp by 4.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 246 shares in the last quarter. Brooklyn Investment Group raised its position in shares of 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 during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Fifth Third Bancorp by 16.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,861 shares of the financial services provider’s stock worth $79,000 after purchasing an additional 261 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value 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. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were 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 of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Morgan Stanley lowered their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $46.64.

Fifth Third Bancorp Price Performance

FITB stock opened at $38.81 on Friday. 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 fifty day simple moving average of $42.18 and a two-hundred day simple moving average of $43.51. The firm has a market capitalization of $25.93 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 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.