ABC Arbitrage SA Purchases New Holdings in Fifth Third Bancorp (NASDAQ:FITB)

ABC Arbitrage SA acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 43,063 shares of the financial services provider's stock, valued at approximately $1,821,000.

Other hedge funds have also recently modified their holdings of the company. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $25,000. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock worth $29,000 after buying an additional 316 shares during the period. Y.D. More Investments Ltd boosted its holdings in Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock worth $35,000 after buying an additional 449 shares during the period. Legacy Investment Solutions LLC bought a new position in Fifth Third Bancorp in the 3rd quarter worth $36,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp in the 3rd quarter worth $39,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

FITB has been the subject of several recent analyst reports. Citigroup upped 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. Barclays upped their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. DA Davidson upped their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. 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 research note on Wednesday, December 4th. Finally, Truist Financial boosted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, January 22nd. One investment 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. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of "Hold" and a consensus price target of $46.75.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB traded down $0.33 during mid-day trading on Wednesday, hitting $44.13. 1,004,083 shares of the company's stock traded hands, compared to its average volume of 4,566,798. The company has a market capitalization of $29.59 billion, a P/E ratio of 14.06, a PEG ratio of 1.43 and a beta of 1.23. Fifth Third Bancorp has a 1 year low of $33.03 and a 1 year high of $49.07. The company's 50-day moving average is $43.62 and its two-hundred day moving average is $43.58. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

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 issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.35%. Fifth Third Bancorp's payout ratio is 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.