Convergence Investment Partners LLC Raises Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Convergence Investment Partners LLC grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 18.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 79,302 shares of the financial services provider's stock after buying an additional 12,356 shares during the quarter. Convergence Investment Partners LLC's holdings in Fifth Third Bancorp were worth $3,353,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund increased its holdings in Fifth Third Bancorp by 56.0% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 31,264 shares of the financial services provider's stock worth $1,322,000 after buying an additional 11,226 shares during the last quarter. Atria Wealth Solutions Inc. grew its position in shares of Fifth Third Bancorp by 242.9% during the 4th quarter. Atria Wealth Solutions Inc. now owns 19,592 shares of the financial services provider's stock valued at $830,000 after acquiring an additional 13,878 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Fifth Third Bancorp by 54.7% in the 4th quarter. Venturi Wealth Management LLC now owns 1,035 shares of the financial services provider's stock worth $44,000 after purchasing an additional 366 shares during the period. D.A. Davidson & CO. lifted its stake in Fifth Third Bancorp by 75.3% in the fourth quarter. D.A. Davidson & CO. now owns 37,559 shares of the financial services provider's stock valued at $1,588,000 after purchasing an additional 16,136 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Fifth Third Bancorp by 1.4% in the fourth quarter. Truist Financial Corp now owns 322,420 shares of the financial services provider's stock valued at $13,632,000 after purchasing an additional 4,326 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly 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. Corporate insiders own 0.50% of the company's stock.

Fifth Third Bancorp Trading Down 1.7 %

FITB stock traded down $0.73 on Friday, reaching $42.88. The company's stock had a trading volume of 4,726,728 shares, compared to its average volume of 4,598,348. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The business has a fifty day simple moving average of $43.55 and a two-hundred day simple moving average of $43.58. The firm has a market cap of $28.75 billion, a PE ratio of 13.66, a PEG ratio of 1.44 and a beta of 1.23. Fifth Third Bancorp has a 12-month low of $33.03 and a 12-month high of $49.07.

Fifth Third Bancorp Announces Dividend

The company 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. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.45%. Fifth Third Bancorp's dividend payout ratio (DPR) is 47.13%.

Wall Street Analyst Weigh In

Several analysts have issued reports on FITB shares. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Citigroup lifted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. Piper Sandler restated an "overweight" rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $46.75.

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.