Artisan Partners Limited Partnership Sells 505,575 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Artisan Partners Limited Partnership decreased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 37.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 837,981 shares of the financial services provider's stock after selling 505,575 shares during the period. Artisan Partners Limited Partnership owned 0.12% of Fifth Third Bancorp worth $35,430,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FITB. Retirement Wealth Solutions LLC acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $25,000. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp in the fourth quarter valued at $29,000. Legacy Investment Solutions LLC purchased a new stake in Fifth Third Bancorp during the 3rd quarter valued at approximately $36,000. Finally, Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $33,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Up 1.0 %

Shares of Fifth Third Bancorp stock traded up $0.39 during trading hours on Monday, hitting $39.20. The company's stock had a trading volume of 4,496,007 shares, compared to its average volume of 4,355,484. The stock has a 50 day moving average of $42.18 and a 200 day moving average of $43.53. The company has a market capitalization of $26.19 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. 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 has a 12 month low of $33.82 and a 12 month high of $49.07.

Remove Ads

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.78%. Fifth Third Bancorp's payout ratio is 47.13%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company's stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FITB shares. Piper Sandler reiterated an "overweight" rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Barclays boosted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Citigroup lowered their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Finally, Stephens reiterated an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Hold" and a consensus price target of $46.64.

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.