Fifth Third Bancorp (NASDAQ:FITB) Shares Bought by Sit Investment Associates Inc.

Sit Investment Associates Inc. raised its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 65.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 237,125 shares of the financial services provider's stock after buying an additional 93,450 shares during the quarter. Sit Investment Associates Inc.'s holdings in Fifth Third Bancorp were worth $10,026,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FITB shares. 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 research report on Monday, January 6th. Stephens reiterated an "equal weight" rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. DA Davidson upped their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. Robert W. Baird upgraded 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. Finally, Citigroup cut their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and an average price target of $48.12.

Remove Ads

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $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 owned by company insiders.

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded down $0.34 during trading on Friday, reaching $33.49. The company's stock had a trading volume of 1,990,187 shares, compared to its average volume of 4,455,164. The business's fifty day moving average price is $40.30 and its 200-day moving average price is $43.00. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month 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 market cap of $22.38 billion, a price-to-earnings ratio of 10.66, a P/E/G ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.

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.