Rockland Trust Co. Acquires New Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Rockland Trust Co. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, Holdings Channel reports. The fund bought 5,140 shares of the financial services provider’s stock, valued at approximately $217,000.

Several other large investors have also recently bought and sold shares of FITB. Community Trust & Investment Co. increased its stake in shares of Fifth Third Bancorp by 7.6% during the fourth quarter. Community Trust & Investment Co. now owns 83,507 shares of the financial services provider’s stock valued at $3,531,000 after acquiring an additional 5,912 shares during the period. Oak Thistle LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $243,000. Pines Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at $211,000. SeaCrest Wealth Management LLC bought a new position in Fifth Third Bancorp during the fourth quarter valued at about $204,000. Finally, Accurate Wealth Management LLC grew its holdings in Fifth Third Bancorp by 7.9% during the fourth quarter. Accurate Wealth Management LLC now owns 10,847 shares of the financial services provider’s stock worth $446,000 after acquiring an additional 798 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FITB. Morgan Stanley raised their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Citigroup raised their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Wells Fargo & Company upped 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. Baird R W lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Piper Sandler boosted their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and an average target price of $45.92.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. The trade was a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Up 2.6 %

Fifth Third Bancorp stock opened at $44.00 on Thursday. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $29.50 billion, a PE ratio of 14.62, a P/E/G ratio of 2.18 and a beta of 1.24. The firm’s 50 day moving average price is $45.17 and its two-hundred day moving average price is $42.75.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the company posted $0.92 earnings per share. The company’s revenue was up 1.2% compared to the same quarter last year. On average, research analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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 of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.36%. Fifth Third Bancorp’s payout ratio is 49.17%.

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.