Korea Investment CORP Sells 50,700 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Korea Investment CORP reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 19.2% in the fourth quarter, Holdings Channel reports. The fund owned 213,564 shares of the financial services provider’s stock after selling 50,700 shares during the quarter. Korea Investment CORP’s holdings in Fifth Third Bancorp were worth $9,029,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. D.A. Davidson & CO. lifted its position in Fifth Third Bancorp by 1.4% during the third quarter. D.A. Davidson & CO. now owns 21,423 shares of the financial services provider’s stock valued at $918,000 after purchasing an additional 289 shares during the last quarter. FMR LLC lifted its holdings in shares of Fifth Third Bancorp by 5.7% in the 3rd quarter. FMR LLC now owns 1,692,599 shares of the financial services provider’s stock valued at $72,511,000 after acquiring an additional 91,574 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at about $804,000. CreativeOne Wealth LLC purchased a new position in Fifth Third Bancorp in the third quarter worth about $271,000. Finally, Public Sector Pension Investment Board increased its stake in Fifth Third Bancorp by 1.9% during the third quarter. Public Sector Pension Investment Board now owns 118,197 shares of the financial services provider’s stock worth $5,064,000 after acquiring an additional 2,200 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of recent research reports. Morgan Stanley dropped their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson increased their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Wells Fargo & Company cut their price target on shares of Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Barclays increased their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One investment 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, the company currently has an average rating of “Hold” and an average price target of $46.64.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $39.20 on Tuesday. 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’s fifty day moving average price is $42.08 and its 200-day moving average price is $43.52. The firm has a market cap of $26.19 billion, a P/E ratio of 12.48, a P/E/G ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Monday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.13%.

Insider Activity

In related news, 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 transaction, the executive vice president now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction 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 sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

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.