State of Alaska Department of Revenue Decreases Holdings in Fifth Third Bancorp (NASDAQ:FITB)

State of Alaska Department of Revenue lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,465 shares of the financial services provider’s stock after selling 6,425 shares during the quarter. State of Alaska Department of Revenue’s holdings in Fifth Third Bancorp were worth $3,232,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Retirement Wealth Solutions LLC purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $25,000. Venturi Wealth Management LLC grew its holdings in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares in the last quarter. Y.D. More Investments Ltd lifted its holdings in Fifth Third Bancorp by 118.5% in the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider’s stock worth $35,000 after buying an additional 449 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the 3rd quarter valued at about $36,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Fifth Third Bancorp during the third quarter valued at about $39,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on FITB shares. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. 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, the company currently has a consensus rating of “Hold” and a consensus target price of $46.75.

Fifth Third Bancorp Stock Performance

FITB opened at $44.04 on Monday. Fifth Third Bancorp has a twelve month low of $32.29 and a twelve month high of $49.07. The stock has a market cap of $29.53 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The business’s 50 day moving average is $44.06 and its 200-day moving average is $43.45. 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. Stockholders of record on Tuesday, December 31st were paid a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.36%. Fifth Third Bancorp’s payout ratio is 47.13%.

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.