AMJ Financial Wealth Management Buys 9,401 Shares of Fifth Third Bancorp (NASDAQ:FITB)

AMJ Financial Wealth Management increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,803 shares of the financial services provider's stock after buying an additional 9,401 shares during the quarter. Fifth Third Bancorp comprises approximately 2.7% of AMJ Financial Wealth Management's investment portfolio, making the stock its 13th biggest position. AMJ Financial Wealth Management's holdings in Fifth Third Bancorp were worth $9,843,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock worth $912,692,000 after acquiring an additional 812,385 shares during the period. Franklin Resources Inc. raised its position in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock valued at $242,713,000 after purchasing an additional 409,292 shares in the last quarter. Smead Capital Management Inc. lifted its stake in Fifth Third Bancorp by 3.5% during the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock worth $95,278,000 after purchasing an additional 75,024 shares during the last quarter. PL Capital Advisors LLC boosted its holdings in shares of Fifth Third Bancorp by 4,128.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock valued at $78,654,000 after purchasing an additional 1,816,320 shares in the last quarter. Finally, Zacks Investment Management grew its position in Fifth Third Bancorp by 10.0% in the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock valued at $74,450,000 after acquiring an additional 158,067 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

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Fifth Third Bancorp Trading Up 0.5 %

Shares of NASDAQ:FITB traded up $0.20 during midday trading on Friday, reaching $40.06. The company's stock had a trading volume of 5,773,180 shares, compared to its average volume of 4,718,686. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. 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 firm has a 50 day moving average price of $43.29 and a two-hundred day moving average price of $43.77. The firm has a market capitalization of $26.66 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.69%. Fifth Third Bancorp's dividend payout ratio is currently 47.13%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction dated 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 sale, 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 filing with the SEC, which is available at the SEC website. Also, COO James C. Leonard sold 17,200 shares of the 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 completion of 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. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FITB shares. Citigroup raised their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research note on Friday, November 22nd. Piper Sandler reiterated an "overweight" rating and set a $53.00 price target (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Stephens reissued an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday. Truist Financial upped 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, Barclays lifted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $47.31.

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.