Proficio Capital Partners LLC Takes $6.42 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Proficio Capital Partners LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 151,748 shares of the financial services provider's stock, valued at approximately $6,416,000.

A number of other large investors have also recently added to or reduced their stakes in FITB. Charles Schwab Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 3.9% in 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 purchasing an additional 812,385 shares in the last quarter. Franklin Resources Inc. raised its stake in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock valued at $242,713,000 after buying an additional 409,292 shares in the last quarter. Smead Capital Management Inc. lifted its holdings in Fifth Third Bancorp by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock worth $95,278,000 after buying an additional 75,024 shares during the last quarter. PL Capital Advisors LLC grew its position in shares of 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 worth $78,654,000 after acquiring an additional 1,816,320 shares in the last quarter. Finally, Zacks Investment Management increased its holdings in shares of Fifth Third Bancorp by 10.0% in the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock valued at $74,450,000 after acquiring an additional 158,067 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

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Fifth Third Bancorp Price Performance

FITB traded down $0.05 on Thursday, reaching $39.41. The company had a trading volume of 2,151,707 shares, compared to its average volume of 4,199,424. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07. The company has a market capitalization of $26.33 billion, a P/E ratio of 12.56, a PEG ratio of 1.42 and a beta of 1.21. The company has a fifty day moving average of $42.62 and a 200-day moving average of $43.61. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.76%. Fifth Third Bancorp's dividend payout ratio is presently 47.13%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial raised their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, January 22nd. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, January 23rd. Morgan Stanley lowered their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Citigroup lifted their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Finally, Piper Sandler reiterated an "overweight" rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $47.36.

Insider Buying and Selling

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 transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at $5,698,778.80. The trade was 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 corporate insiders.

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.