Charles Schwab Investment Management Inc. Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 21,586,847 shares of the financial services provider’s stock after acquiring an additional 812,385 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $912,692,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on FITB. Wells Fargo & Company boosted their price objective on shares of 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 boosted their price objective 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. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.75.

Fifth Third Bancorp Trading Down 1.0 %

Shares of Fifth Third Bancorp stock opened at $43.05 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a fifty day moving average price of $43.44 and a 200 day moving average price of $43.82. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The stock has a market cap of $28.65 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a dividend yield of 3.44%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.13%.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 130,856 shares in the company, 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.

Fifth Third Bancorp Company 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.