Victory Capital Management Inc. Raises Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Victory Capital Management Inc. boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 32.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,217,018 shares of the financial services provider's stock after purchasing an additional 299,337 shares during the quarter. Victory Capital Management Inc. owned about 0.18% of Fifth Third Bancorp worth $51,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Keybank National Association OH increased its position in Fifth Third Bancorp by 5.1% during the 4th quarter. Keybank National Association OH now owns 76,996 shares of the financial services provider's stock valued at $3,255,000 after buying an additional 3,728 shares in the last quarter. AMJ Financial Wealth Management increased its holdings in shares of 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 valued at $9,843,000 after acquiring an additional 9,401 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock worth $912,692,000 after purchasing an additional 812,385 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Fifth Third Bancorp by 12.3% in the 4th quarter. Gryphon Financial Partners LLC now owns 7,483 shares of the financial services provider's stock worth $316,000 after purchasing an additional 817 shares in the last quarter. Finally, LGT Fund Management Co Ltd. grew its position in Fifth Third Bancorp by 37.3% during the 4th quarter. LGT Fund Management Co Ltd. now owns 8,607 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 2,337 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Remove Ads

Fifth Third Bancorp Stock Performance

NASDAQ FITB traded up $0.20 on Friday, reaching $40.06. 5,773,180 shares of the stock were exchanged, compared to its average volume of 4,718,686. The firm has a market capitalization of $26.66 billion, a PE ratio of 12.76, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07. The company's 50-day simple moving average is $43.23 and its two-hundred day simple moving average is $43.77. 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.69%. Fifth Third Bancorp's dividend payout ratio is presently 47.13%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FITB. Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Citigroup lifted their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a "neutral" rating in a report on Friday, November 22nd. 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. DA Davidson boosted their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. Finally, Piper Sandler restated an "overweight" rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.31.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction 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 sale, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the 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 of the company's stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.50% of the company's stock.

About Fifth Third Bancorp

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.