Stoneridge Investment Partners LLC Invests $790,000 in Fifth Third Bancorp (NASDAQ:FITB)

Stoneridge Investment Partners LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,677 shares of the financial services provider's stock, valued at approximately $790,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. OneDigital Investment Advisors LLC boosted its position in Fifth Third Bancorp by 1.1% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider's stock valued at $878,000 after buying an additional 222 shares during the period. Transamerica Financial Advisors Inc. boosted its holdings in Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider's stock valued at $143,000 after purchasing an additional 232 shares during the period. Eads & Heald Wealth Management grew its stake in Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider's stock worth $347,000 after purchasing an additional 235 shares in the last quarter. Valley National Advisers Inc. increased its holdings in Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider's stock worth $285,000 after purchasing an additional 236 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in Fifth Third Bancorp by 4.7% in the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 246 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB traded down $0.57 during mid-day trading on Wednesday, hitting $43.43. The company's stock had a trading volume of 4,406,428 shares, compared to its average volume of 4,711,312. The firm has a 50-day simple moving average of $43.91 and a 200 day simple moving average of $43.49. Fifth Third Bancorp has a 1-year low of $32.29 and a 1-year high of $49.07. The firm has a market capitalization of $29.12 billion, a P/E ratio of 13.83, a P/E/G 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid 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 3.41%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 47.13%.

Analysts Set New Price Targets

A number of analysts recently weighed in on FITB shares. Truist Financial upped their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Barclays upped their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Citigroup increased 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. Finally, Piper Sandler reiterated an "overweight" rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One equities research 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 company currently has a consensus rating of "Hold" and a consensus price target of $46.75.

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.