Wells Fargo & Company MN Has $35.67 Million Stake in Fifth Third Bancorp (NASDAQ:FITB)

Wells Fargo & Company MN reduced its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 16.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 843,756 shares of the financial services provider's stock after selling 163,390 shares during the quarter. Wells Fargo & Company MN owned approximately 0.13% of Fifth Third Bancorp worth $35,674,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FITB. Prudential PLC raised its position in shares of Fifth Third Bancorp by 856.1% during the 4th quarter. Prudential PLC now owns 136,040 shares of the financial services provider's stock valued at $5,752,000 after acquiring an additional 121,811 shares in the last quarter. Unison Advisors LLC increased its stake in Fifth Third Bancorp by 0.8% during the fourth quarter. Unison Advisors LLC now owns 102,537 shares of the financial services provider's stock valued at $4,373,000 after purchasing an additional 795 shares during the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $11,352,000. World Investment Advisors lifted its position in shares of Fifth Third Bancorp by 94.3% in the 4th quarter. World Investment Advisors now owns 11,930 shares of the financial services provider's stock worth $504,000 after buying an additional 5,791 shares during the last quarter. Finally, Cinctive Capital Management LP boosted its holdings in shares of Fifth Third Bancorp by 191.7% in the 4th quarter. Cinctive Capital Management LP now owns 256,186 shares of the financial services provider's stock valued at $10,832,000 after buying an additional 168,365 shares during the period. Institutional investors and hedge funds own 83.79% of the company's stock.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was 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 directly owns 130,856 shares of the company's stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO James C. Leonard sold 17,200 shares of the company'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 transaction of $761,272.00. Following the sale, 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 position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Down 0.5 %

Shares of NASDAQ FITB traded down $0.16 during trading hours on Wednesday, hitting $34.91. The company had a trading volume of 807,354 shares, compared to its average volume of 4,464,332. The firm's 50 day moving average is $39.73 and its 200-day moving average is $42.83. Fifth Third Bancorp has a 1-year low of $31.96 and a 1-year high of $49.07. The stock has a market capitalization of $23.32 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 1.42 and a beta of 0.99. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 annualized dividend and a dividend yield of 4.24%. Fifth Third Bancorp's dividend payout ratio is currently 47.13%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FITB. Robert W. Baird upgraded Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 target price on the stock in a research note on Monday, April 7th. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Stephens reaffirmed an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, Baird R W raised Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.