Flputnam Investment Management Co. Decreases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Flputnam Investment Management Co. decreased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,524 shares of the financial services provider’s stock after selling 4,665 shares during the quarter. Flputnam Investment Management Co.’s holdings in Fifth Third Bancorp were worth $572,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FITB. Pinnacle Associates Ltd. raised its holdings in Fifth Third Bancorp by 5.4% in the third quarter. Pinnacle Associates Ltd. now owns 6,016 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 306 shares in the last quarter. Gladstone Institutional Advisory LLC purchased a new stake in shares of Fifth Third Bancorp in the 3rd quarter valued at approximately $632,000. Farther Finance Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 32.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,640 shares of the financial services provider’s stock valued at $156,000 after purchasing an additional 883 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Fifth Third Bancorp during the 3rd quarter worth $273,000. Finally, Vestor Capital LLC grew its stake in shares of Fifth Third Bancorp by 70.1% during the third quarter. Vestor Capital LLC now owns 5,944 shares of the financial services provider’s stock worth $255,000 after purchasing an additional 2,450 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on 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. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. DA Davidson increased their price target 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. Truist Financial boosted their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, Citigroup increased their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.75.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly 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 document filed with the SEC, which is available at this link. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Trading Down 1.0 %

NASDAQ:FITB opened at $43.05 on Tuesday. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. 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 50 day simple moving average is $43.44 and its 200-day simple moving average is $43.82. The firm has a market cap of $28.65 billion, a P/E ratio of 13.71, a PEG ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a yield of 3.44%. Fifth Third Bancorp’s payout ratio is currently 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.