Congress Wealth Management LLC DE Reduces Position in Fifth Third Bancorp (NASDAQ:FITB)

Congress Wealth Management LLC DE cut its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 17.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,296 shares of the financial services provider's stock after selling 11,925 shares during the period. Congress Wealth Management LLC DE's holdings in Fifth Third Bancorp were worth $2,465,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Boston Common Asset Management LLC raised its position in shares of Fifth Third Bancorp by 12.4% in the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider's stock valued at $13,079,000 after purchasing an additional 34,203 shares during the period. Boston Partners lifted its position in shares of Fifth Third Bancorp by 6.2% during the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. AMJ Financial Wealth Management lifted its position in Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after purchasing an additional 9,401 shares during the period. Banco Santander S.A. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $357,000. Finally, Lockheed Martin Investment Management Co. acquired a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $9,878,000. Institutional investors own 83.79% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup lowered their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Barclays increased 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. Wells Fargo & Company dropped their price target on Fifth Third Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday. Truist Financial increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Finally, Morgan Stanley reduced 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 report on Thursday, March 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Hold" and a consensus target price of $46.64.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company's stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction 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 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.

Fifth Third Bancorp Trading Down 2.4 %

Shares of Fifth Third Bancorp stock traded down $0.96 on Friday, reaching $38.81. The company had a trading volume of 2,737,259 shares, compared to its average volume of 4,354,924. The firm's 50-day moving average price is $42.18 and its two-hundred day moving average price is $43.51. The firm has a market cap of $25.93 billion, a price-to-earnings ratio of 12.36, a P/E/G 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 1 year low of $33.82 and a 1 year high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. The ex-dividend date is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.81%. Fifth Third Bancorp's dividend payout ratio is currently 47.13%.

Fifth Third Bancorp 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.