Geode Capital Management LLC Raises Position in Fifth Third Bancorp (NASDAQ:FITB)

Geode Capital Management LLC grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 16,959,001 shares of the financial services provider's stock after purchasing an additional 285,910 shares during the period. Geode Capital Management LLC owned approximately 2.53% of Fifth Third Bancorp worth $715,219,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp during the fourth quarter worth about $25,000. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $28,000. BankPlus Trust Department acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $29,000. Midwest Capital Advisors LLC bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $33,000. Finally, Y.D. More Investments Ltd boosted its position in Fifth Third Bancorp by 118.5% in the fourth quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after buying an additional 449 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 1.0 %

NASDAQ:FITB traded up $0.33 during trading hours on Monday, reaching $34.08. The company had a trading volume of 3,551,614 shares, compared to its average volume of 4,393,039. Fifth Third Bancorp has a twelve month low of $31.10 and a twelve month high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The firm has a market cap of $22.77 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.42 and a beta of 0.99. The business's 50-day simple moving average is $41.50 and its two-hundred day simple moving average is $43.36.

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 paid a $0.37 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.34%. Fifth Third Bancorp's dividend payout ratio is presently 47.13%.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Piper Sandler reiterated an "overweight" rating and issued a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Stephens reissued an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price objective for the company in a research note on Monday. Barclays lifted their target price on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Finally, Citigroup decreased their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and an average target price of $48.12.

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.