SVB Wealth LLC Buys New Position in Fifth Third Bancorp (NASDAQ:FITB)

SVB Wealth LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, Holdings Channel reports. The institutional investor bought 6,822 shares of the financial services provider’s stock, valued at approximately $288,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its stake in Fifth Third Bancorp by 1.1% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after purchasing an additional 222 shares during the last quarter. Transamerica Financial Advisors Inc. increased its stake in shares of Fifth Third Bancorp by 7.5% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 232 shares during the last quarter. Eads & Heald Wealth Management increased its stake in shares of Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 235 shares during the last quarter. Valley National Advisers Inc. increased its stake in shares of Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 236 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 246 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $40.45 on Thursday. The business’s 50 day moving average is $43.36 and its two-hundred day moving average is $43.80. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The firm has a market cap of $26.92 billion, a price-to-earnings ratio of 12.88, a PEG 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is 47.13%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s 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 sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FITB. Stephens reaffirmed an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday. Barclays boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Truist Financial boosted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. 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 company’s stock. According to MarketBeat, Fifth Third Bancorp has an average rating of “Hold” and an average price target of $47.31.

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.