Wellington Management Group LLP Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Wellington Management Group LLP lessened its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 28.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 325,364 shares of the financial services provider's stock after selling 126,420 shares during the period. Wellington Management Group LLP's holdings in Fifth Third Bancorp were worth $13,756,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Fifth Third Bancorp Stock Up 2.6 %

Shares of NASDAQ FITB traded up $0.87 during midday trading on Monday, reaching $34.71. The company's stock had a trading volume of 356,515 shares, compared to its average volume of 4,455,346. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a 50 day simple moving average of $40.10 and a 200-day simple moving average of $42.94. The stock has a market capitalization of $23.19 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend is Monday, March 31st. Fifth Third Bancorp's dividend payout ratio is 47.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Stephens reissued an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Truist Financial boosted 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. Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Robert W. Baird raised Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $47.00 price target for the company in a report on Monday, April 7th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.12.

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.