Hennessy Advisors Inc. Sells 5,000 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Hennessy Advisors Inc. lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 35.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 9,000 shares of the financial services provider’s stock after selling 5,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Fifth Third Bancorp were worth $381,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. raised its holdings in Fifth Third Bancorp by 51.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,100 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 375 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Fifth Third Bancorp by 17.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,404 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 1,695 shares during the period. Park Avenue Securities LLC increased its position in shares of Fifth Third Bancorp by 8.8% during the 4th quarter. Park Avenue Securities LLC now owns 66,247 shares of the financial services provider’s stock valued at $2,801,000 after purchasing an additional 5,377 shares during the last quarter. Rockland Trust Co. bought a new position in Fifth Third Bancorp in the fourth quarter worth approximately $217,000. Finally, Community Trust & Investment Co. increased its position in Fifth Third Bancorp by 7.6% in the fourth quarter. Community Trust & Investment Co. now owns 83,507 shares of the financial services provider’s stock worth $3,531,000 after buying an additional 5,912 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Up 2.5 %

Shares of Fifth Third Bancorp stock opened at $44.34 on Friday. The stock has a market cap of $29.73 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. The firm has a fifty day moving average price of $45.02 and a 200 day moving average price of $42.82. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $0.92 EPS. Equities research analysts predict that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the sale, the executive vice president now owns 55,913 shares in the company, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FITB. Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Keefe, Bruyette & Woods increased their price target on shares of 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 boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Piper Sandler lifted their price target on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial began coverage on Fifth Third Bancorp in a research report on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus target price of $45.92.

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.