Intech Investment Management LLC Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

Intech Investment Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 50,585 shares of the financial services provider's stock, valued at approximately $2,139,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Boston Common Asset Management LLC boosted its stake in shares of Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider's stock worth $13,079,000 after purchasing an additional 34,203 shares during the last quarter. AMJ Financial Wealth Management boosted 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 acquiring an additional 9,401 shares during the last quarter. Banco Santander S.A. purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $357,000. Lockheed Martin Investment Management Co. acquired a new position in Fifth Third Bancorp in the 4th quarter valued at $9,878,000. Finally, Smith Group Asset Management LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth $423,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.2 %

Shares of FITB stock traded down $0.08 on Tuesday, hitting $40.17. The stock had a trading volume of 2,519,132 shares, compared to its average volume of 4,240,402. The stock's 50 day moving average is $42.50 and its 200-day moving average is $43.57. The firm has a market capitalization of $26.84 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-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.

Remove Ads

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is currently 47.13%.

Insider Activity at Fifth Third Bancorp

In other news, 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 transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction 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. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on FITB shares. Morgan Stanley dropped their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Barclays increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Piper Sandler restated an "overweight" rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $46.86.

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.