Morningstar Investment Management LLC Sells 22,251 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Morningstar Investment Management LLC cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 71.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,839 shares of the financial services provider's stock after selling 22,251 shares during the quarter. Morningstar Investment Management LLC's holdings in Fifth Third Bancorp were worth $374,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider's stock valued at $889,978,000 after purchasing an additional 732,651 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Fifth Third Bancorp by 8.1% in 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 acquiring an additional 409,292 shares during the last quarter. Smead Capital Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider's stock worth $95,278,000 after acquiring an additional 75,024 shares in the last quarter. Zacks Investment Management grew its position in Fifth Third Bancorp by 10.0% during the 3rd quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider's stock worth $74,450,000 after acquiring an additional 158,067 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Fifth Third Bancorp by 1.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider's stock valued at $74,184,000 after purchasing an additional 19,572 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction dated 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 owns 244,487 shares of the company's stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were 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 owns 130,856 shares of the company's stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company's stock.

Fifth Third Bancorp Trading Down 1.7 %

Shares of NASDAQ:FITB traded down $0.73 during mid-day trading on Friday, reaching $42.88. The stock had a trading volume of 4,726,728 shares, compared to its average volume of 4,598,348. The firm has a 50 day simple moving average of $43.55 and a two-hundred day simple moving average of $43.58. Fifth Third Bancorp has a twelve month low of $33.03 and a twelve month high of $49.07. The firm has a market cap of $28.75 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date 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 is 47.13%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Truist Financial increased 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. Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. DA Davidson boosted their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Citigroup upped 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 report on Friday, November 22nd. Finally, Barclays raised their price target 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $46.75.

Fifth Third Bancorp Company 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.