Bryce Point Capital LLC Acquires New Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Bryce Point Capital LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,389 shares of the financial services provider's stock, valued at approximately $524,000.

A number of other hedge funds also recently made changes to their positions in the stock. RFG Bristol Wealth Advisors LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $611,000. Trexquant Investment LP bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at about $10,317,000. Headlands Technologies LLC purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $185,000. Geode Capital Management LLC grew its stake in shares of Fifth Third Bancorp by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider's stock worth $715,219,000 after purchasing an additional 285,910 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its holdings in Fifth Third Bancorp by 3.0% during the 4th quarter. HighPoint Advisor Group LLC now owns 86,977 shares of the financial services provider's stock valued at $3,827,000 after purchasing an additional 2,533 shares during the period. 83.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company's stock.

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Analysts Set New Price Targets

A number of brokerages have recently weighed in on FITB. DA Davidson lifted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. Piper Sandler reiterated an "overweight" rating and issued a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Citigroup decreased their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Wells Fargo & Company decreased their price target on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $48.12.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded up $2.40 on Wednesday, reaching $35.82. 8,825,421 shares of the company's stock traded hands, compared to its average volume of 4,447,515. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a 50-day simple moving average of $40.50 and a 200-day simple moving average of $43.06. The firm has a market cap of $23.93 billion, a PE ratio of 11.41, a P/E/G ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 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.