Orca Wealth Management LLC Invests $1.48 Million in Fifth Third Bancorp (NASDAQ:FITB)

Orca Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,002 shares of the financial services provider's stock, valued at approximately $1,480,000. Fifth Third Bancorp comprises approximately 1.3% of Orca Wealth Management LLC's holdings, making the stock its 27th largest position.

Other large investors have also recently made changes to their positions in the company. AXA S.A. raised its holdings in shares of Fifth Third Bancorp by 171.5% in the 2nd quarter. AXA S.A. now owns 51,860 shares of the financial services provider's stock worth $1,892,000 after acquiring an additional 32,756 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Fifth Third Bancorp by 63.3% in the second quarter. AQR Capital Management LLC now owns 72,611 shares of the financial services provider's stock worth $2,615,000 after purchasing an additional 28,156 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider's stock valued at $23,678,000 after purchasing an additional 583,781 shares in the last quarter. Creative Planning boosted its position in shares of Fifth Third Bancorp by 3.2% during the second quarter. Creative Planning now owns 232,201 shares of the financial services provider's stock valued at $8,473,000 after buying an additional 7,157 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Fifth Third Bancorp by 3.0% during the second quarter. Cetera Investment Advisers now owns 175,140 shares of the financial services provider's stock worth $6,391,000 after buying an additional 5,135 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FITB shares. Evercore ISI lifted their price objective on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted 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 report on Wednesday, December 4th. StockNews.com downgraded shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Barclays lifted 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. Finally, Piper Sandler reaffirmed 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. One 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. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $46.75.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB traded down $0.61 during mid-day trading on Wednesday, hitting $44.17. The company had a trading volume of 4,133,971 shares, compared to its average volume of 5,361,065. The company has a current ratio of 0.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a market capitalization of $29.62 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.91 and a beta of 1.24. The stock's 50-day moving average price is $44.65 and its 200-day moving average price is $43.27.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Tuesday, December 31st. Fifth Third Bancorp's payout ratio is presently 47.13%.

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.