SVB Wealth LLC Makes New $288,000 Investment in Fifth Third Bancorp (NASDAQ:FITB)

SVB Wealth LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,822 shares of the financial services provider's stock, valued at approximately $288,000.

Several other hedge funds have also recently bought and sold shares of FITB. Retirement Wealth Solutions LLC bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth $25,000. Sierra Ocean LLC bought a new position in Fifth Third Bancorp in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC grew its position in Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after buying an additional 316 shares in the last quarter. BankPlus Trust Department acquired a new position in Fifth Third Bancorp during the 4th quarter valued at about $29,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $33,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 0.5 %

NASDAQ FITB traded up $0.20 during trading on Friday, reaching $40.06. 5,773,180 shares of the company's stock were exchanged, compared to its average volume of 4,718,686. 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 has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The company's fifty day simple moving average is $43.23 and its 200-day simple moving average is $43.77. The firm has a market capitalization of $26.66 billion, a PE ratio of 12.76, a P/E/G ratio of 1.42 and a beta of 1.21.

Remove Ads

Fifth Third Bancorp Dividend Announcement

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

Insider Buying and Selling at Fifth Third Bancorp

In related 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 value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on 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 $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Piper Sandler reissued an "overweight" rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Stephens restated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday. Citigroup boosted their price target 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, DA Davidson raised their price objective on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Hold" and an average target price of $47.31.

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.