NEOS Investment Management LLC Grows Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

NEOS Investment Management LLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 31.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 41,430 shares of the financial services provider’s stock after buying an additional 9,956 shares during the quarter. NEOS Investment Management LLC’s holdings in Fifth Third Bancorp were worth $1,752,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FITB. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after buying an additional 812,385 shares during the last quarter. Boston Partners raised its holdings in Fifth Third Bancorp by 6.2% in the 4th quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock worth $597,692,000 after acquiring an additional 823,803 shares during the last quarter. Franklin Resources Inc. lifted its position in Fifth Third Bancorp by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider’s stock valued at $242,713,000 after acquiring an additional 409,292 shares in the last quarter. Davis Selected Advisers boosted its stake in Fifth Third Bancorp by 0.4% during the 4th quarter. Davis Selected Advisers now owns 2,444,176 shares of the financial services provider’s stock valued at $103,340,000 after purchasing an additional 8,640 shares during the last quarter. Finally, PL Capital Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 4,128.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after purchasing an additional 1,816,320 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 2.4 %

NASDAQ FITB opened at $38.81 on Friday. The stock’s 50-day moving average price is $42.18 and its 200-day moving average price is $43.51. The company has a market capitalization of $25.93 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s payout ratio is currently 47.13%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FITB shares. 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 lowered their target price on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. DA Davidson lifted their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. 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. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $46.64.

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.